Mortgage application advice

amyramsdale

Looking at applying for a mortgage in October, had 7000 of existing debt, loan credit card and sofa, which I have just paid off in full prior to applying for a mortgage in October. So my existing commitments are zero now- I have a wage of 35000 per year- My concern is I have 2 defaults on my credit file, both drop off in April 2017 as it will have been 6 years, both for small amounts at the time too.

Do you think I stand a good chance, Ive got a 13k deposit and the house I intend to buy would be around the 130k mark, so a mortgage of between 115 to 120k.

Is there anything I can do to improve on or will my defaults let me down, don't really want to wait till april before applying?

thanks

ACG

This will come across biased, but I would suggest speaking to a broker.
10% deposit and 2defaults will not be for every lender. However, there could be high street options. If they are small amounts I would satisfy them to give you a couple of more options.

There should be lenders though.

amyramsdale

hi thanks for the reply,

both defaults are from accounts that have been closed paid in full for at least 3 years, purely had defaults registered in 2011- I currently don't have outstanding credit commitments

thanks

ACG

There should be a couple of high street lenders then, not many though.

amyramsdale

if I did wait until april till they fall off the credit score, not ideal but if everything else remained the same in terms of job not applying for credit etc, would I be accepted on the high street?

[Deleted User]

Why October? Do you rent or something at the moment? Spring is (well I was told) when most people market their homes. No one wants to be moving at xmas and all that. I'd say on your salary you'd expect to able to borrow what you like with a clean credit history.