FTB mortgage application, should we wait?

Shoequeenx

I was hoping that somebody here might be able to give me some advice about whether to see a broker about seeking a suitable mortgage or whether we should continue to save and wait two years.

My partner and I currently have a 30K deposit (approx 20%) and a joint income around 45K. We would be looking to borrow about £100,000.

We both have a satified default each on our credit fils from 2009. Mine was for
£450 and his was for £300 (This was caused by partner losing his job, although i'm sure the reason is irrelevent)

Other than the default I have two credit cards that have been running successfully for 4 years (very low balances) a settled car finance account, and my mobile phone contract. The only current accounts my partner has running are his bank account and mobile phone.

Would a mortgage potentially be possible or should we continue to save and build on our credit files?

Thanks in advance for your help

kingstreet

I think you'll get a mortgage at High Street rates now, based on that data.

The defaults are sub-£500, satisfied and were registered more than three years ago and you have a decent deposit.

If you want the best possible rates available, you'll have to wait until the defaults fall off your credit history and get your deposit up a bit more.

ACG

As kingstreet says, there is no reason why you cant get a mortgage with a high street lender. However, just make sure you do check their criteria before an application as im not sure all of them will accept you - i imagine a fair few would though.

You can also go down the broker route and im confident they will able to help also.

The choice is yours really, a broker or doing a bit of research yourself.

Shoequeenx

Thank you very much. I will do some research on lender requirements and see what I can find out.