Can you get a mortgage with 3 defaults?

WillBeDebtFree

Back when I was a student, I wasn't great with cash, managed to get three defaults in 2010, I satisfied one in 2011, and the other 2 this year. One was for £2500, one for £1500 and one for £600.

Fast forward to now, I have been self employed since late 2010, and have been lucky, that the business I am in has really taken off, and found myself in a good financial position. Apart from these defaults my credit record would be perfect, no missed or late payments. I have been saving, and will continue to save, and have spotted a house come up for sale at £60,000.

Savings to date total £7500, last year I took home £27,000.

Have I got any chance of getting a 10% deposit mortgage, or even a 15% one anywhere? I have been told I could possibly get a 20% deposit mortgage, but would like to avoid if possible, in case this house which appears to be a bargain, is bought essentially whilst I continue to save.



Any advice, or direction greatly welcome.

Dave_Ham

With 15% deposit this will be achievable, subject to deposit, income and property.

Suggest you get Experian, Equifax and Call Credit reports as likely to require..

WillBeDebtFree

Thanks Dave, I am assuming you would advise going through a broker?

I have my recent credit reports to hand, Started to subscribe to them to keep an eye on these.

Dave_Ham

Guilty as charged, this is a broker case as you cannot just approach your bank and likely to be a lender you have never heard of; not at silly high rates mind you....

Try to get a recommended broker from friends and family and an experienced one.

Google is not always your friend for these sorts of mortgages

WillBeDebtFree

Thank you again Dave.

Just wanted to make sure I wasn't wasting a brokers time, my time and money to find out I have zero chance of getting a mortgage.

Thrugelmir

WillBeDebtFree wrote: »

I have my recent credit reports to hand, Started to subscribe to them to keep an eye on these.

Don't bother. Use the money to add to your deposit instead. The defaults aren't going to change. Merely age over time.

kingstreet

WillBeDebtFree wrote: »

Started to subscribe to them to keep an eye on these.

Just don't pay for the magical "credit score" which is about as much use as the proverbial chocolate fireguard.