Chances of getting a self build mortgage.

mattb01

Hi

I had three defaults on my account following a break up with an ex which I settled very quickly. Two have dropped off due to six years having passed and the third drops off next month. I have no other adverse credit before or since although I have not taken any loans, credit cards or mortgages since 2007. I have applied and been accepted for utility's and mobile phones etc.

My wife's credit is good and she has the mortgage on our current house (which we have just sold) and is always approved for credit cards etc.

We have a combined income of £70000 and we will have a £100,000 deposit. we are looking to borrow £200,000 on a self build mortgage for a total of £300,000. We have no outstanding balances on our cards. I will not be making any applications until the third default has disapearred.

My question is are we likely to be accepted for this as my broker has suggested that self build mortgages providers have stricter lending criteria and I have little credit history. I am panicking that my past mistakes may prevent us getting the amount we need.

Thanks

amnblog

Self build mortgages are very tricky cases to deal with, with or without a patchy credit file.


If your broker has not done one before - you are using the wrong broker.