Bad credit need mortgage large deposit-advice needed

jonnym8083

Ok so I have bad credit rating couple defaults from 6-12 months ago... I know I know my fault but was made redundant and wnt onto a debt management plan that I am still paying.
Unfortunately earlier this year I had a family member pass away and I was left some money in their will. I want to put this to good use and buy a property. I am looking for a property of around 100k and will be putting £50k down as a deposit. I will also pay back my creditors first so they will all be settled.
What are my chances of gettin a mortgage with that kind of deposit and would it be best to maybe wait a few months so my defaults are showing as settled for a little bit first. I don't want to wait years if I don't have to.
I would like Soneone to tell me honestly how it is. Whether I'm wasting my time trying or try to increase my deposit or whether that amount seems reasonable and how long to wait till I apply.

All advice greatly received many thanks

amnblog

possible, but you will need to see a good broker Jonny

jonnym8083

Granted what would be your advice?

ACG

Assuming the DMP is paid off in full and you have a 35-40% plus deposit there will be lenders available but you do need to see a broker.

jonnym8083

Well the deposit would be ok and I would be paying off all debts. Would a broker then know who will accept me kinda before applying.

ACG

They should have an idea of some lenders who would atleast look at it.

jonnym8083

Thanks for the advice so far... So to increase my chances n higher my credit file can I make that much change in6-12 months

hazza74

Well, i have just come off the phone to London and Country brokers and they said because of my default 2 years ago (£21) I have no chance of a mortgage.

R_P_W

hazza74 wrote: »

Well, i have just come off the phone to London and Country brokers and they said because of my default 2 years ago (£21) I have no chance of a mortgage.

And your level of deposit is?

hazza74

Was 10% - now 30%

GMS

hazza74 wrote: »

Well, i have just come off the phone to London and Country brokers and they said because of my default 2 years ago (£21) I have no chance of a mortgage.

If they have said a 2 year old default for £21 as a stand alone will prevent a mortgage with a 50% deposit then they should be closed down.

Plenty of reasons why a mortgage wouldn't happen but the default isn't one.

See a proper broker. You may well need to pay a fee but you will have somebody deal properly with you.