Bad credit mortgage advice

michaelfletch

Hi,

I was looking for some very general advice around the chances of getting a mortgage later this year and estimated interest rates.
Six or seven years ago I got into financial trouble that resulted in my entering a DMP. As a result of the DMP I resulted in the following defaults being registered on my account.

December 2010 £4000
December 2010 £800
July 2011 £294
July 2011 £285
October 2011 £9000

I finished my DMP in 2013, and all these defaults were cleared and have been marked as satisfied since then.
I have been debt free since however do have a couple of credit building credit cards that are cleared each month.
No other history of any arears or missed or late payments since defaults were registered.

By the end of the year we will have saved a deposit of £30000 (saving £1k a month at present) and will have approximately £30000 in equity built up in our current property.

We will be looking to move to a property at valued at approximately £290k giving a deposit of 20% deposit.

Our salaries are £45k and £20k respectively.

I will consult a broker closer to the time but wondered if someone had an idea of what the chances of getting a mortgage at all later in the year would be and at what rates this might be? I really just need ball park figures for future affordability planning?

Thanks

David_White

The size of the October default could be a bit of a challenge but on face value you should be able to get a fairly competitive rate, potentially even high street.

michaelfletch

Thanks so much. I am trying to get the lender to move the default date back to the point I entered the DMP in Decemeber 2010 - would that help?

David_White

That would most definitely help