Rebuilding credit file

strawberryblonde

Hi
My hubby and I have default notices on our credit file which the last one expires in 2017.
We are currently on a DMP but are hoping to be able to offer our creditors !!!!!!.
After our defaults expire, we intend to each take out a credit card so that we can begin to rebuild our history.
We currently rent our house from a housing association-they bought it from us via the mortgage resuce scheme 3 years ago. It seems as if we will have the right to buy it back and we would like to do this but will obviously have to wait until our credit history is better.
Does anyone have any idea how far back the lenders look when assessing for a mortgage? Are we being too optimistic in hoping this will happen? I am 45 and my hubby is 47 and this might be our last chance of getting back on the property ladder.
Any advice gratefully received.

[Deleted User]

They'll look back as far as they can. ie 6 years on your credit files and potentially further on any accounts you have held with them.

strawberryblonde

Has anyone had experience of getting a bad credit mortgage?

solentsusie

Perhaps you should look at paying off your existing debts and rebuilding your credit worthiness before even considering attempting to purchase a property.

When you can afford to buy, then go to a broker who will search the whole of the market for the best deal for you in your circumstances at that time.

strawberryblonde

Thank you for your comment but I am trying to pay off my debts firs. I am just trying to have some kind of a plan!