What will this mean in 2016?

Moneylockdown

i have posted on the debt free board but now wanting advise on mortgage to been advised to post here :-)

So after a long hard look at our finances we have resigned ourselves to accepting that we won't be applying for a mortgage till late 2016 however I have a question on our credit report.

Last year we took our a provident loan for my MIL which she stopped paying (I've learnt the hard way from the mistake) and didn't tell us until November 2014 to which we paid off in December 2014 to protect our credit rating from any more damage than had already been done. I have since checked the credit rating and it shows the below:

1 2 2 2 3 3 3 3 3 paid off in dec 2014 of £527

I guess my main question is:

1. What does this mean for us being able to get a mortgage in November/ December 2016?

We would be looking at houses between £135-£140k with a 10k deposit. We currently earn 33.5k this could increase as OH is on manage to course but don't want to edge our bets just yet on a wage increase.

All debt at that point will have been repaid and no other marks on credit history part from a default on OH from November 2011 which now shows as satisfied.

I know that we will have to engage a broker which I am more than happy to do closer to the time but I guess would just like some advice on whether now/dec 2016 is realistic?

Any help would be greatly appreciated.

XxX

ACG

As it stands I think you would definitely need a 15% deposit but you may be able to get away with a 10% deposit. I think you would really need to up the deposit to have a decent chance of getting it through.

Moneylockdown

Hi ACG,

Thank you for your response and advice - back to the drawing board then with saving for this deposit.

Xx