Mortgage...what are the chances?!

rhowes2000

Good afternoon all,

I know from the start that it will be very tough for me to get a mortgage. I would still like to have a different opinion from the forum members though please.

Firstly I have a mortgage already with my ex partner, I haven't lived there for around 4 years and I don't contribute financially. Due to her financial situation the lender won't allow her to take on the mortgage in her name only despite the fact she has never missed a payment.

On to my situation, I have a CCJ which is fully paid off and nearly two years old. I also have two defaults, one of which I have paid off, the other will be soon. This bad credit all stemmed from the break up and a salary drop at work.

I'm now in a much better financial position. I have also applied for voluntary redundancy at work, if successful I will use most of the money for a deposit on a property, The job hunt is also going well and I hope to have an offer of employment with another company next week.

At the time of seriously considering a mortgage I wont have any debts aside from a credit card which I clear the balance on every month.

I would ideally like a property worth around £100k and I would have a deposit of 20%.

So, with the existing mortgage, bad credit and a new job, what are my chances? I'm guessing very little!

Thank you for reading, all help is much appreciated.

betmunch

I dont fancy your chances, if you walked through my office door after getting your new job I would suggest one lender and if they dont take you come back in a year and we will try again then, then again a year later and so on until they say yes.

They might go for it the first time though, who knows?....

rhowes2000

Thank you betmunch, I'll crack on with the saving and hopefully in a years time I will have a 30% deposit and a better record.

Dave_Ham

When were the defaults dated - the entry date and not satisfaction date?

With no CCJ's or defaults registered in the last 2 years, you may have 1 chance - maybe who Betmunch was referring to...

rhowes2000

Hi Dave, the CCJ has its second birthday on 10/08/12, the default (can only find one on my Experian report now) is January 2011 unfortunately. I guess this means I may have a chance post January next year? I could potentially increase the deposit to 25%, also my income will be £45k p.a minimum (work in sales and get commission on top of this).

rhowes2000

Also the existing mortgage is with Accord, I know they are a sub prime lender and it may be the lender you are thinking of I guess?

Dave_Ham

Not the lender, Accord are amongst the strictest lenders these days..

On 2 year birthday, you will definitely be in with a shout. Look after your credit file carefully in the interim period as you may need 3 months of your bank statements scrutinised manually.

Additionally, may be worth you checking Equifax and Call Credit agencies to see what they have registered on your credit file.

All the best

rhowes2000

Thanks Dave, much appreciated.