Bad Credit Mortgage

TalkTalkBoy

Evening,

I'm after a little advice.... Myself and my sister have recently inherited approx £28,000 between us.

We'd like to pool our money and put down a 20% deposit on a mortgage of £110,000 and use the remaining to improve the property and add equity.

The only issue is, that the mortgage may have to be in my name as my sister is on benefits and has no income at present. But I don't have the best credit history due to a relationship breakup which left me with a few Defaults.

Looking on experian I have the following defaults:

£42 - 22/12/2011
£41 - 21/01/2013
£169 - 09/11/2011
£30 - 30/10/2011
£375 - 30/06/2011 (settled)
£210 - 28/11/2012
£223 - 04/03/2010 (settled)
£169 - 04/10/2010 (settled)

..... There are currently 5 open defaults on my account, all of which have payment arrangements on them.

The only other debt is a NatWest loan for £8,000 of which I only have £1000 left to pay and expect this to be paid of before I get a mortgage.

I have a significant number of settled credit accounts which do have a good payment history.

I've been working to get everything back on track. I've had a stable job now for 5+ years and earnt 35,000 last year. My partner also earns £12,000/year.

What are the chances of me being able to get a mortgage with a 20% deposit?

Another option was to get a mortgage under my mums name, who only has 5000 left to pay on her own mortgage, the only issue here may be that she works part time (30 hours p/week) on close to minimum wage.

Any help or advice would be appreciated.

ACG

Speak to a broker, there could be some options due to you having a 20% deposit.