Don't want to waste brokers time

Pigmyhippo

Hi, Just wanted to get some opinions from here regarding whether it will be worth me going to see a broker or if a mortgage will be a complete non-starter. Looking for a mortgage in 6 months - 1 years time if possible.

I appreciate that with the situation we have that a broker will definitely be neccessary.

Would be looking at a joint application with my wife.

Wife - Employed - 6 years in job - Salary - £32000 pa
Myself - Self Employed - 2 years in own Ltd Co. (obviously will be over 2 years when application time comes - Salary and Dividends combined - £55000pa+

Deposit at time of application will be c £50000, looking at homes up to about £280000

Credit history is dire to put it mildly.
Myself - 5 defaults dated Sept 2011 for amounts between to £500 to £1200
Wife - 4 defaults dated Sept 2011 for amounts between £500 to £1000.
Payday loans in 2011
Bad credit due to a double redundancy for myself in 2011 (first redundancy led to payday loan spiral, second caused it all to come crashing down) and very poor financial decisions from us both, coupled with an over reliance on credit.
All defaults satisfied in full by August 2012.
No missed payments on anything since Dec 2012, car loan settled since then, 3 other credit accounts successfully settled since then.
Current credit includes mobile phone accounts for wife and daughter, student loans for wife which will be paid off by the time of mortgage application, a barclaycard which is used and paid off each month, and has just given a second limit increase.
There will be no other open credit accounts on file come time of application.

We do not have any childcare to pay for, as children are both secondary age.

Currently live in home with worth approx £90000 with mortgage of £71000. Currently saving £3000 per month.

Really don't want to be wasting anyones time by booking appointments etc. if the chances of mortgage are nil.

Thanks for reading. :beer:

kingstreet

Sounds alright to me.

Remember, lenders normally take an average of your latest two years remuneration and dividends, not just latest year unless that's less than the year before.

A decent broker will find you some options sooner rather than later.

Thrugelmir

Make your broker aware of the lenders you previously defaulted on. As depending on their internal policies they may decline your application at the outset.

Pigmyhippo

Thank you both for your advice, I will update this thread with the outcome when I go to apply for mortgage.