Mortgages and adverse credit-question for mortgage advisers

araminta

Hi

I have some adverse credit on my credit file due to paying my debts through A DMP plan with StepChange (CCCS), I started it in Nov 2009 and repaid the last creditor in May this year.

I have 5 defaults on my account in total ranging from 4.5 to 2.11 years old, Barclay Card didn't apply a default but added a 6 when I settled the account in Nov 2012.

So I have no late payments on my account for 2 years, next month all the defaults will be over 3 years old. I have never missed a mortgage payment.

I have spoken to a broker and he has said there is one company that will provide a mortgage, Kensington. My question is at what point if at all before all the defaults drop off would I be able to look at high street lenders? Next month all defaults will be over 3 years old.

My affordability is fine as I have a high proportion of disposable income.

I am trying to decide whether to hang off and wait until I am a better prospect for lenders, I know credit scores don't apply to lenders but my Experian one is now showing as 972 and excellent.

Many thanks

kingstreet

Will depend on LTV/deposit, amounts of defaults, satisfaction dates etc.

araminta

Hi

LTV would be 80%

Default amounts and dates as follows:
Default 1 £546 applied 1/5/10 settled 11/12/12
Default 2 £4,936 applied 31/1/12 settled 26/11/12
currently appealing to get the date changed on this one as they applied a 6 on my credit file every month for 2 years before applying the default
Default 3 £4,104 applied 7/3/11 settled 7/12/11
Default 4 £444 applied 5/1/10 settled 1/2/10
Default 5 £5,985 applied 19/2/10 settled 20/5/14

Thanks

Thrugelmir

Recent final settlement of the DMP will be a hinderance. Probably more so than the date of the defaults.