Future Mortgage Chances

Cat_Lady_3

Hello all, I have a question regarding my chances of getting a mortgage in a couple of years time.

I have already asked this on the debt free wannabe board however I thought I'd ask here as my concern is specifically regarding my chances of getting a mortgage.

Background is I entered a DMP with Payplan in April 2008, I made my last payment in December 2012. Of my 4 creditors 3 defaulted me with dates June 2008, September 2008 and February 2009 which is fine as these defaults will be gone from my file in 2 years. However the 4th creditor MBNA did not default me but placed a debt management plan marker on my credit file and I have recently realised that this will cause a detrimental affect on my file for 6 years from the date of settlement which would be december 2018! I will be contacting MBNA regarding this as if I had made no attempt to pay at all they would have defaulted me at the time and I'd be in a better position now! I've checked the ICO default guidelines which suggest that someone who repays their debt should not be placed in a worse position than someone who makes no attempt to repay.

Basically can anyone give me an idea on what my chances of obtaining a mortgage will be with no defaults but the DMP marker on 1 settled account (DMP marker commencing May 2008).

My current salary is £18k (although I take home £22-£23k with bonus and overtime) and I should be in a position to save 20-25k by the time I will be looking to buy and properties roughly the value 90-110k

Thank you for taking the time to read this,

Cat_Lady

Thrugelmir

Cat_Lady wrote: »

I'd be in a better position now! I've checked the ICO default guidelines which suggest that someone who repays their debt should not be placed in a worse position than someone who makes no attempt to repay.

Not necessarily. There are various ways of enforcing a debt. A CCJ being the most potent. As will tell a lender far more about the prospective borrower that any CRA record.

Cat_Lady_3

Thanks for the reply.

I see what you mean, I guess a DMP marker doesn't look as bad as a default or CCJ however if the defaults are removed after 6 years I assume they will not impact a mortgage application and from reading this forum I understand people have obtained mortgages with defaults still on their file however I'm struggling to find out how much the DMP marker will affect my chances of a mortgage and one with a decent rate.