Playing the waiting game

chrislee2810

I would love to go back to when I was younger and give myself a slap. I had 4 defaults and the last one drops off next month, it's been tough because we are financially fine and I have kept my nose clean for almost 6 years. Our situation is this:

My income £47000
Self employed income £15000
My wife is self employed, this years £45000
Last years £25000
Previous year £17000

We have saved a deposit of £30000 and are looking for a mortgage of £170,000.

I have 3 credit cards all payed off in full and car finance. I have one default which is settled and drops off next month and one CCJ for £315 that is settled, this drops off next year. My wife's history is clean.
My plan is to save up another £10000 and apply in October of next year. Do you guys think that it would be a plan that works as I am desperate to get on the ladder?

libf

Sounds do-able once the credit history is clear, possibly before with the right approach from a broker.

BaxUk

Affordability wise, dependant on anything else relevant, seems very viable - I would just wait until the credit history is clear to make it a simpler and easier process for yourself - but as above may be possible to do it earlier if you take the right approach through a broker if you find the dream home a little early

chrislee2810

Thanks for all your advice. We would love to do it sooner but I am worried about a decline, I also think that we may have more options next year.

Thrugelmir

Avoid applying to the lenders that you defaulted on if at all possible.