85% mortgage, what are my chances?

clarab_3

Hi All,

I'm hoping to buy a £135k house. I have a good income (45k) but hit the skids due to a redundancy 3-4 years ago and collected 4 (now fully settled) defaults.

I have a 15% deposit.

Defaults were for £35, £70(2010), £525(2009) and £1,000 (2010)

I have not missed any payments in 24 months. My 2 credit cards have small balances but are paid promptly and have high proportion of credit available.

Am I likely to be able to secure a mortgage? After having been in such a bad place 4 years ago, I'm very nervous!

Mortgage_Mark_2

Speak to a broker - there's one lender I can think of that will go to 85% and will ignore any defaults registered longer than 2yrs ago, however they are intermediary only.

Be prepared for the rates not being great though. With 4 defaults it's more 'can I get a mortgage' than 'what rates can I get' but there should be a solution.

clarab_3

Mortgage_Mark wrote: »

Speak to a broker - there's one lender I can think of that will go to 85% and will ignore any defaults registered longer than 2yrs ago, however they are intermediary only.

Be prepared for the rates not being great though. With 4 defaults it's more 'can I get a mortgage' than 'what rates can I get' but there should be a solution.

Thanks very much, I am lucky to be in a position that I can suck up a crappy rate for a few years, I'll be very grateful to get my life back on track.

Bouncybubbles

Hi
We have just had a mortgage approved via a broker for 85%. We have combined income of £45k. Default of £450 5.5years ago. 4k credit card balance, plus two car loans, plus 5k wedding loan plus several hp agreements on 0%. House we purchasing £132500 deposit 20k roughly. So it is possible, obviously we don't have as many defaults but we have high outgoings and an average-good credit.hope this helps you

Bouncybubbles

Also it was a normal rate fixed for 3.6%

clarab_3

THank you very much, I'm finding it all a bit stressy!

Wh05apk

This shouldn't be too much of an issue, I have just had a case agreed with 2 defaults at 95% rates not too bad either, but definitely a broker case.

clarab_3

whoop! got an AIP from halifax - please tell me, what are the potential pitfalls from here?

Mortgage_Mark_2

clarab wrote: »

whoop! got an AIP from halifax - please tell me, what are the potential pitfalls from here?

At 85% with four defaults on your file? I'm pleasantly surprised for you!