Mortgage Help

longforthesun

OH and I had some debt issues back in 2008 that resulted in us having 7 defaults between us, the total debt was over £30K.

All but 3 of the defaults are settled and the remaining ones will be fully settled in about a year.

The defaults won't be 6 years old till 2014.

We are looking at sometime in the next 12months trying to get back onto the property market.

We would be looking at property between £120 and £135k

Joint income at present is 41K

We have at present £10k saved.

I know that at the moment no bank will touch us but would anyone know if we were able to increase our deposit by another £10K (and this is very likley in the next 12months) would we stand a chance or would we need to wait till after all our defaults became 6 years old.

I should say we understand that we will no doubt not get a high street lender to lend to us but we are prepared to pay a higher interest rate for a few years if it gets us back on the property ladder.

Many thanks for any replies.

Dave_Ham

If you can get to a 20% deposit then yes this becomes possible..

longforthesun

Thanks Dave Ham

If we know it's possible it will really focus us to get the extra money.

Beans on toast for the next year then lol

Dave_Ham

If you got that many defaults, I would start with any PPI claims you may have...

longforthesun

Yes have started one PPI claim think it's a long shot but I am sure it's worth about £6K.

Though not counting on this. In 6 months we have saved over £4K and I think we can better this so in 12months i am sure we can have £10K and if we get this PPI then great.