Black marks and future mortgage

Butti

Hi,
I sold my house in November and with a promotion have now started looking at properties.

With that in mind I have obtained my credit files. I was made redundant in 2010, retrained involving a £10k Career Development Loan and then had a period of unemployment prior to moving down to a new job in autumn 2012.

I have £35k in savings and will have a salary of around £30k which should appear on this months pay slip. The properties I am looking at are about £115k so should be well within budget. Plus I am looking at two decent size bedrooms so I can let one out full time or on a Monday to Friday. BUT I have two black marks in 2011 against my name, both against the CDL. None against any other loan or my previous mortgage.

The CDL company do tend to give you six months grace when you are unemployed and then not send you a reminder when they are coming for the payment. They do send you a letter afterwards when you have missed the payment.

What I want to know is do I put anything on the credit file to cover this.
Do I say I was unemployed?
Do I say that the bank did not forewarn me they were going to try and take payment?
Does this make me look a bit pathetic if I say that?

Should I just give up for two years and watch house prices rocket?:(

Lioness_Twinkletoes

Are they defaults or late payments? To be honest as long as they are accurate reflection a potential lender isn't going to care why you've defaulted, only that you have.

You've got a healthy deposit, but it would appear you've not been in your job for long? That could be an issue. I'd consider waiting until I'd been in post for a year then consult a whole of market mortgage broker.

Butti

Thanks Lioness. I'll have been with the company for 2 years by July and got promotion last month.

Lioness_Twinkletoes

In that case, speak to a whole of market broker. It'll give you a better idea of where you're at. S/he might be able to source a mortgage, but at a higher APR - and then you might decide to wait.