Is a mortgage ever going to be achievable with defaults

pma13

Hello
I've worked really hard paying off debts yay to me. Just rang a mortgage advisor to book appt to look at if we could get a mortgage we have £6500 deposit just applying for right to acquire house approx worth £90000 with discount . Again this is all approx so depending on final no.s may be a 5% or 10% and due to length of time it takes to go through process will aim to get closer to 10% deposit. Have ftb account with nationwide as well
I earn £35000 and hubby £23000. So rang the mortgage advisor and I advised about my poor credit history and how I'd been on dmp and therefore some accounts had defaulted. He asked when these were and Iwasn't sure what date u go off. The last time they defaulted or first time.Anyway he's advised me to get a couple of copies and send over before booking appt as may be waste of time and he doesn't want to get my hopes up as most mortgages aren't going to consider me.

Anyway just found a couple of old ones ie February 2015 and nothing negative should be on since last year now. Ive got a default listed for my barclays current act 09/11 and Barclay loan default 11/11 . But even when on the dmp they still continued to be listed as defaults until paid off may and April 2014.

My husband has 4 defaulted accounts the last one being 08/13 and again continued be listed as default until paid off and the last was august 2014. So my question is what date do I go off? Does anyone think I have a remote chance, or because I have less defaults would I have a better chance go for a mortgage alone
Any constructive feedback please
Thank you.

pma13

Forgot to say mortgage advisor said mortgage lenders won't consider if defaults within last three years

ACG

Your broker sounds on it.
General rule of thumb - less than 15% deposit and it needs to be 3 years since the date of registration.
If you have a 15% deposit then you can normally get something if it has been 12 months since date of registration or decent enough rates at 24 months since date of registration.

Date of registration being the date they were initially registered.

So as things stand it will be 3 years from when the most recent default was registered. If you can up the deposit to 15% then there will be options now I imagine.

pma13

Bump !!!!!

csgohan4

pma13 wrote: »

Bump !!!!!

ACG has it spot on, why do you need to bump? You have defaults and a poor history, so you now need to let time run it's course and apply again with a better history and more deposit.


You have to live with the consequences of your actions and let time fix things.


You would also need to save up for your conveyancing fees. mortgage app fees, broker fees e.t.c.

Thrugelmir

The DMP has more of an impact than the defaults do. The lenders you defaulted on are unlikely to consider a mortgage application this early post settlement. Saving and building a deposit is the best method of evidencing that you've learnt the error of your ways. You've a reasonable household income so should be an achievable objective if you focus your minds to the task.

pma13

csgohan4 wrote: »

ACG has it spot on, why do you need to bump? You have defaults and a poor history, so you now need to let time run it's course and apply again with a better history and more deposit.


You have to live with the consequences of your actions and let time fix things.


You would also need to save up for your conveyancing fees. mortgage app fees, broker fees e.t.c.

No there advice was spot on and gratefully received just wanted to see if any one had anything else to add and you came along advising me to live with the consequences of my actions (preach) we don't all come from the same place and there are various reason people may have fallen on tough times before we judge. thank you for taking the time to reply x