Another Bad Credit Query :(

gilroy

Hi All,

Apologies for another bad credit query... but.....

I understand that if the below scernario is possible I will need a broker, with that in mind my situation is as follows.

Applicant 1 (me)

Salary £75,00 per year.
Senior Manager.

Currently have 2 CC's to attempt to build credit rating. Balance c£800/£1600 available.
Phone contract up to date.
No loans.

2 settled defaults,
1. Registered 31/10/12 Amount £460
2. Registered 2/01/12 Amount £474

(I wasnt earning my current salary at this time).

Applicant 2. (my missus).

Salary £37,00 per year
No credit problems.
2 credit cards (available balance c£6000), both paid in full each month.
No loans.

What LTV would be achievable, and what interest rate would we be lookly at (roughly)?

Thanks in advance,

csgohan4

What deposit and what house price you want?

amnblog

You are possible candidates for any LTV up to 95%.

Your interest rate question cannot be answered. We can see which lenders might consider you, but there is no way of knowing which lenders will consider you based on the information here.

ACG

Im with amn, anything up to 95% based on what you have said.

Rate wise, you could possibly be looking at normal rates but I think you would be looking at somewhere between a 15-25% deposit to have a chance at that through to around 6%. The devil is always in the detail and there is not enough to give an accurate answer.

I would suggest getting your credit reports down to a broker.

gilroy

Just an update on the above for the benefit of the regular questions re bad credit mortgages.

I have two defaults - outlined in post 1, both only settled early 2016.

I managed to get a mortgage with Natwest (via a broker) at a good rate. 2.2% fixed for two years. Needed an 11% deposit.

So from my personal experience mortgages with defaults are possible with High Street lenders. Moved in a few weeks ago.