Mortgage with Defaults in last 3 Years...?

cooky777

Hi,

Pretty much given up having been told by a few Mortgage knowing folk over the last week or so that we wont get a Help to Buy mortgage. (20% new build)

In brief, we (fiance and I) have saved a 10k deposit and started to enquire about a mortgage. I have 4 defaults on file, 2 are over 3 years already, one will be in Jan, and the last will be in June next year. We had a load of debt which was all paid off with the help of a stepchange DMP, final payment feb this year - some of these debts were partially settled (largest 8k settled for 4,700).

Been living with parents which has helped us save the deposit. We have to be out by the end of the year and its looking like were going to have to rent until credit has cleared up before we can buy - which is pretty heartbreaking to be honest!

Just wanted to know if any of the MSE community had any suggestions as im pretty clueless with all this, think I know what you're gonna say- as above, but until i hear from you guys I refuse to believe it! :rotfl:

Thanks:cool:

amnblog

A lot depends on your purchase price and how your £10,000 relates to it.


If you are looking at properties approaching £100,000 and over you are going to be looking at renting.

amr547

my partner has a similar predicament, 4defaults registered late 2011 and settled early 2013. we were advised by a local broker that we would need at least 20% deposit for a joint application or alternatively i could apply as a sole applicant (my file is clean) with 10% deposit. maybe its worth speaking to some local brokers to see what they suggest?

kingstreet

Once you've been adverse-credit free for a minimum of three years, you should have options on the HTB - Equity Loan scheme.

Ensure you regularly monitor all three credit reference agency versions of your credit file and do not, under any circumstances late/miss anything in the two year run up to the application.

cooky777

Thanks all, renting it is!