mortgage and bad credit

cmcardle21
cmcardle21 Posts: 8 Forumite
in Mortgages & endowments
hi

i have a query about looking a mortgage. i am looking a house which is £175,000 and have a deposit of £20,000, therefore £155,000 mortgage.
however i have three settled defaults which were settled in may 2014, although when i need the mortgage they will be 11months settled. they were for o2, argos and danske bank and all for less than £300 each and the reason being for the defaults was that i started university to get my degree and had to give up full time job therefore couldnt afford to pay for them.
I currently earn £22,500 a year and my partner earns £18,500, my salary goes up each year if this has any relevance.
please help as i dont want to be stressing anymore with saving as much as possible if its not going to be possible to obtain a mortgage for another 2 or 3 years.

thanks
«1

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What dates were the defaults registered?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • cmcardle21
    cmcardle21 Posts: 8 Forumite
    They wer all in 2011 when I started my degree
  • ACG
    ACG Posts: 24,407 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Nearly 5x income and a 90% mortgage - that in itself isnt going to be easy to place.

    If those defaults are under 3 years old since date of registration, I think you need to have a rethink.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,407 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    What month in 2011 are they dated?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • cmcardle21
    cmcardle21 Posts: 8 Forumite
    It's less than 4x as it's less than 160,000 and the wer at the start of 2011 so will be over 3years
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you have a deposit of £20k why did it take so long to settle the defaults?
  • ACG
    ACG Posts: 24,407 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    cmcardle21 wrote: »
    It's less than 4x as it's less than 160,000 and the wer at the start of 2011 so will be over 3years
    Sorry I seen the £175k - multi tasking, replying and watching the football... thats my excuse.

    I think you will have a couple of lenders available to you, maybe 1 or 2 high street lenders but I think it would be a good idea to speak to a broker personally.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • cmcardle21
    cmcardle21 Posts: 8 Forumite
    My partner was the one who has the deposit from an inheritance and her own savings
  • cmcardle21
    cmcardle21 Posts: 8 Forumite
    Thanks. Can't beat the watching the holland match :) hopefully I can get it sorted an maybe approach a mortgage broker who will know more than I do
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    3 defaults are a major negative. They won't be ignored. Recent settlement doesn't help either.
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