2 Year old defaults - what are my mortgage chances?

ner0187

Hi all,
I've been reading here for years, and it seems like an invaluable resource, hoping to help out others in future

But right now I'm in need of some help, a few years ago I landed myself in some financial trouble (getting much more credit than I could afford at ~21yo).

I have 2 defaults, both settled, the most recent being from Jun 2010 (£18k delinquent balance), which was settled in mid-2011. Resulting from taking over a business for "cheap", and basically pouring all of my own (and some of the bank's) cash into it, only to find lots of ££ black-holes and thus learning many important lessons.

I'm now sticking to what I do best, and have a stable income of approx 120k, so my questions are:

- Can someone clarify on whether the default will expire 6 years after the default, or after the settlement date?
- If I can save up a 30-40% deposit, would there be any chance in say 1 year's time of getting a mortgage? Or will I have to keep pouring away money on rent for another 4 years?

If anyone needs more info pls let me know.
Thanks v.much
Paul

bigadaj

Just my opinion but with a decent deposit as you suggest then you should be able to get a mortgage I would have thought desppite the defaults, rates won't be the best though. Large deposit is one definite insurance policy for any lender, as if you do defualt there is plenty of money to get their money back, though they obviously wouldn't want to do this.

ner0187

Thanks, bigadaj.
I'll most likely give it a try in a year's time when I've a good amount of deposit saved