Mortgage - Do I stand a chance?

trufflesbum

I'm hoping to get a mortgage on a £110,000 house. I have a deposit £60,000 so would need a mortgage of £50,000.

Unfortunately I have less than perfect credit. I made a lot of mistakes (and have paid for them!!) in the past, including several defaults and one CCJ. I haven't defaulted or missed a payment in at least 4 years (probably longer).

Do I stand even the slightest chance? Is it worth even trying?

It's frustrating because I can easily afford repayments on a £50,000 mortgage (and am finally well and truly on top of my finances), but I have a feeling no lender will touch me. Will the fact that I have a reasonably large deposit make any difference?

Any thoughts gratefully received.

GMS

When were the defaults and CCJ's and for how much? Are they satisfied?

With that deposit there should be options but it would need to be a broker sourced and not going to be at headline rates.

trufflesbum

Thanks GMS.

The CCJ is being paid monthly, so not satisfied It was registered in 2007. I guess this would rule me out?

I'm guessing there's not point even bothering to see a high street lender?

If a broker *is* an option, where would I start?

GMS

How much was the CCJ for? How much were the defaults and when? Are they satisfied?

High street very unlikely.

Get copies of your credit reports from Experian, Equifax and Call Credit. £2 statutory ones are fine.

Get these to a broker and see what can be done?

What income(s) do you have?

trufflesbum

Thanks again.

CCJ was around £1000. Defaults were smaller - £200 - £300 and all bar one are satisfied. They were all pre 2007. Income is £27,000.

Will get a copy of credit reports. How would I go about finding a broker? Will any do, I do I need a specific type? I have no idea how these things work!

GMS

trufflesbum wrote: »

Thanks again.

CCJ was around £1000. Defaults were smaller - £200 - £300 and all bar one are satisfied. They were all pre 2007. Income is £27,000.

Will get a copy of credit reports. How would I go about finding a broker? Will any do, I do I need a specific type? I have no idea how these things work!

Recommendation is always the best way. Ask friends and family. Other than that try yell, google, https://www.unbiased.co.uk. Untick the sponsored box on that one to access all.

Make sure you agree any fees etc up front.

Good luck