Help. need info on next mortgage

whitethorn_2

I have been a home owner now for 10 years. I have fallen behind on my monthly mortgage payments although I have an arrangement set up to clear the arrears on top of my monthly payments.
My question is, if I were to sell my house is it possible I would get another mortgage or is there a period of time I have to wait so my credit rating improves.
I really don't want to rent a property as I'm really going to be paying someone else' mortgage in that case. I want to stay a home owner.
My credit rating is poor so I need to know if I can get another mortgage.
Thanks

Thrugelmir

Are you considering downsizing?

whitethorn_2

Possibly downsizing.
was thinking with equity in the property I could clear debts and put down a good deposit

kingstreet

When did the arrears accrue? How many months? Why?

What will the new loan to value be?

What other issues do you have in your credit history? Amounts, dates, etc?

whitethorn_2

The arrears are accrued within the last 10 months with 2 months arrears.

Other things affecting my credit rating are
a default on a credit card that was paid 3 years ago and it was just over £100.
Partner has a default on a credit card of over £3k, he is currently fighting this with the credit card company (not the default, the balance)

LTV is approx 60% at the minute.

It is a joint mortgage we currently have.

Thanks

dancingfairy

I believe defaults stay on there for 6 years. Obviously it will make a difference if the default is 1 month or 4 years for example and how long ago it was. If you apply next year it will obviously look far better than if you apply now. How much better is impossible to quantify and each lender will view things slightly differently.
Are you able to move your mortgage with you at all?
Obviously it's good that you're downsizing (rather than upsizing as that should go in your favour). Would you be decreasing the LTV from what it is currently?
You could see a mortgage broker and they could tell you what's around/what they think you might be accepted for.
df

Dave_Ham

Recent mortgage arrears are a much bigger hurdle than a couple of historic defaults.

Suggest you do everything within your power to get the mortgage straight, keep on track and then a mortgage would potentially be achievable.

Trying to pull this together now with 2 months mortgage arrears will be incredibly difficult at best and impossible at worst.

Sometimes, it will come down to how the lender/credit reference agency have reported the arrears.

Best to check your Experian, Equifax and Call Credit reports.