Now Debt Free - Mortgage Possible...?

mack83

In the past while at University, I built up a lot of unmanaged debt and received several defaults. However, over the last two years with the advice on this forum I have worked to have all defaults "Settled" or "Satisfied" on my credit file working with DCAs and I am now debt free :j

At one point, I was only on a cash card, I now have a Current Account and Savings Account with Natwest with an active overdraft facility which I use for business travel expenses.

I am now labelled as "Fair" on both Experian and Equifax credit scores. I have a Mobile Phone contract and active overdraft facility with Natwest registed with my current address and I am on the Electoral Register.

We have no debt, no credit cards or store cards. Only mobile phone and bank overdraft facility.

Most of the settled/satisfied defaults will hit 6 Years at the end of 2012, but a small mobile phone default will clear in 2015

My partner and I are keen to look at our first mortgage.

My income is £70,000 basic and my partner is on doing a funded PhD and paid £3600 every 3 months. I expect this is about 20K If it was considered a normal gross pre-tax salary.

We live off my income only and put the whole of my partner's salary into savings. Spare monthly income and bonuses also go into savings.

Goal is a £250K property with a 10%-15% deposit achieved over the next 12 months. (We currently have 13K saved)

What's our chances of getting a mortgage...?
Should we look at Natwest due to the existing relationship or should we use an independent Mortgage Broker....?

Dave_Ham

Everything you have done and are doing is feasible.

Defaults can be an issue, although possibly mitigated given the length and amount for the most recent one.

Would suggest a broker, although if Natwest buck up their ideas they may be worth a chat also.

Good luck