Do we have a chance of a mortgage

chrislee2810

I have 2 defaults that are over 5 years old and both settled and one ccj for £400 which is also settled and is 4 years old. I have no missed payments. All of the above only shows on equifax but not experian. My basic salary is £20000 and I receive £20000 in commission, I have been payed £40k+ for the last 3 years. My wife has no missed payments, but is self employed. She has 2 years worth of accounts, her first year trading was 12k and her second year trading showed £40k. We are hoping to get a morgage for £180k with a deposit of £20k, we could possible raise it to 30k. Not sure if I should wait a couple of years or have a go now?

56978

Hiya, I've been doing a lot of investigating in to this as I'm in to a similar situation. I would wait. Even when ccj's have dropped off your credit file a mortgage lender will ask if you ever had one, ever. But they care a lot less if they're not on your credit file anymore. Your large deposit will go greatly in your favour if you wait till the ccj's are gone. You may be able then to get a high street mortgage rather than using a broker and getting a specialist one where you'll pay a much higher rate. I would personably wait. My ccj hasn't appeared on my file for a couple of years and I've been told that lenders wouldn't care about that now (from a mortgage advice service) but I'd have pretty much no chance if it was still on there. The defaults at that age won't matter too much now. I hope you get whatever you decide to go for

amnblog

You should speak to a competent broker to get a view on this.

You may get this through with a mainstream lender but the deposit size may prove too modest. A deposit of £27,000 puts you right in the frame.

Assuming your wife's quoted income figures are profit after costs (and not gross turnover) you should have options.

parksajj

3 words.

Go see Handlesbanken

cavework

parksajj wrote: »

3 words.

Go see Handlesbanken

http://www.handelsbanken.co.uk/
This seems to be a new trend... banks that I have never heard of ( but I am a bit stupid when it comes to financial institutions)
These are just up the road from me..
sorry to sound thick..

chrislee2810

Hi, thanks for the advice, my wife's income is profit after costs. I think we probably need to raise the extra 10k, we are going to speak to a advisor but we currently bank with nationwide, my credit card and savings are with them, they have told me that I should speak to them about mortgages. What I don't want to do is place a application for it to get declined.

chrislee2810

I don't really know much about handlesbanken, how do they differ from other banks?