Chances of getting a mortgage in the next 3-4 years?

KarlF

Hi

My wife and I want to buy our own home. Our credit history is quite poor though. We have £12k of debt, I have a few defaults and she has a ccj. However, we have now decided to bite the bullet and move back in to the mother in laws while we clear all the debts and save for a deposit.

We're looking at getting all debt cleared and saving a deposit of around £40-£50k. I was just wondering what the chances of us getting a mortgage would be on a house worth between £150k - £180k?

Thanks

ACG

You dont say how much the defaults/ccjs are and when they were registered and if they have been paid off.

That being said it would seem like you have 25% plus deposit so presuming your incomes support it, then there should be a possiblity.

Conrad

If you can stay clean and not miss any payments and clear all existing debts then there's every chance a mortgage will be very possible for you.

When you move address, remeber all debts are your responsibility. It's surprising how many people think a legal contract is null and void on account tof the lender not going to the trouble of knowing someone has moved home.