mortgage questions for first timer with poor credit

Watkinsfamilysdcm

Hi

I have previously had poor credit but I have really buckled down and made a huge effort to manage things better. This time last year I couldn't get a capital one card, but this year I have been accepted for both the capital one and the asda card. I manage these well always paying on time and mostly in full. After 4 months I had a credit increase with capital one after good account management.
As well as these cards I have 2 mobile contracts that Ive had for 4 years each that are always paid on time as well as a next account thats always paid on time and mostly in full.
I will be looking to obatin a mortgage with hubby next year (we currently own outright a 2 bed terraced worth around 70k).
do you think a year at continuing handling this credit well is enough to improve my rating enough to obtain a mortgage? are there mortgages for people who havent got the best history in the world?
other than a default 4 1/2 years ago and around same time a couple of late payments, its ok I think.
any advice would be helpful.

thank you in advance

ACG

Deposit wise as a percentage assuming its 15% plus there will certanly be options available.

All i would say is, if your intending to buy soonish - stop applying for credit and just stick to what you have.

Speak to a broker, i would be confident this can be placed subject to all the other normal things being ok (affordability etc).

Watkinsfamilysdcm

ACG wrote: »

Deposit wise as a percentage assuming its 15% plus there will certanly be options available.

All i would say is, if your intending to buy soonish - stop applying for credit and just stick to what you have.

Speak to a broker, i would be confident this can be placed subject to all the other normal things being ok (affordability etc).

thank you. With our house being worth 70k approx currently and its ours outright, this gives us a decent sum as a deposit. we are only looking at 125k max for a new home so would only need 55-60k mortgage depending on sale price of ours.
we have a joint income of £36,000 per year, so hopefully, we will be able to obtain a mortgage if my credit continues to improve :-)

ACG

Dont worry.

This should be an absolute doddle to place for most brokers - i do usually say to avoid estate agent based brokers, but to be honest even they should be able to place this without any major issues.

It is probably best to still speak to a broker though as there are one or 2 lenders who wouldnt be interest but in the main you should be fine.

Watkinsfamilysdcm

Thats a relief, it sounds such a complicated ordeal, and with the added worry of previous poor credit, I was anxious about what we might be up against.

thanks again