Will we be able to get a mortgage

mes01

Hi All
Just after a bit of advice on our chances of getting a mortgage to move home.
Currently we are on an interest only mortgage ( 100k )
value of current house circa 110/115K
we have savings of 12k will be increasing by 500-800 per month
OH is employed earns 28500 from her main job, and has a 2nd job ( for 2 years with p60's) earning 5K. she has a clean credit history.
I am a self employed partner and have accounts for 6 years, my earning are always around the 16.6K. I have a chequered credit history with 3 settled defaults from feb 2007. and an arrangement to pay with MBNA which finished 6 months ago ( no payments missed at all on this).
OH half has 1 credit card 0% 2k outstanding and a hp agreement wit BMW just bought for 11K.
I have no debt
We would like to move to a larger house costing 135-140K
with a deposit of around 20K
Would this be possible with my history?
Thanks in advance

Dave_Ham

Yes possible, but if you wait till February your chances will be hugely improved and likely to achieve better terms.

mes01

Thanks for the info Dave
Thats what i was thinking we are not especially in any rush to move we just want to get back onto a repayment mortgage.
Will my arrangement to pay have an adverse effect as obviously it will show on my credit reports as only cleared 6 months ago?

Thanks again

Dave_Ham

Yes it will have an effect, but much easier to mitigate with no defaults on file