First Time Buyer Mortgage Chances??

bazza172

Hi, first time poster here so please bare with me.

Questions (history & information below)

1. Will my defaults rule me out of a mortgage completely untill they are of my credit file?

2. Will I have big problems sourcing a mortgage with my credit and employment sitution?

3. Can i get a mortgage with only 1 years accounts?

4. Overall what are my chances of securing an agreement in principle in decembe?

Thank you for you help!!!!!!!!


Looking to get on the property ladder and looking to purchase a house around between £150-200k with a 10% deposit. Income is 5K per month.

I have 4 defaults on my credit file dates of defaults are
17/01/2011, 01/11/2010, 11/12/2010, 23/02/2010

All defaults are under £500 and have been settled.

I have two current accounts open at the moment using one to keep the deposit savings in. I have one credit card with a £1000 limit and pay the balance off each month. (never close to the limit).

Never had any late payments in the last 12 months at least maybe even longer.

I have recently became a contractor so I am a company director. although i have worked in the same line of work since graduating in 2009. I am now into my second year working for my company.

ACG

At 10% this will be difficult.
At 15% presuming everything else is fine (no late payments etc) id be confident of there being a lender who would at the very least consider this.

bazza172

So the best chance i have is getting the biggest possible deposit and keep my credit report clean?

amnblog

With 15% deposit this is placeable on sensible rates, even with limited trading history.

ACG

At 90% i cant see this going through really.

At 85% there are lenders, its either a case of saving more buying for less or a combination. But yes you need to keep your credit report clean, no late or missed payments at all between now and then - this should go without saying anyway.