Mortgage Eligibility?

seymourf

I currently have a mortgage with my partner which we have maintained without missing a payment since taking it out, over 8 years ago. I have a better job now and we would like to move, however my credit history is not good. Until two years ago I held two defaulted accounts and foolishly made frequent use of payday loan companies. In Sept '14 I settled the defaulted accounts and stopped using payday lenders, and have been using a Vanquis credit card responsibly making regular payments and never exceeding the limit. There has been a modest improvement in my credit scores. Is my history likely to preclude all reasonable mortgages, or is there some possibility that enough time has passed? And if not, how long are we likely to have to wait? I'd be very grateful for any advice,
Chris

ACG

As a percentage, how much will your deposit be roughly?

seymourf

Likely to be 20-25% after sale of our current home?

kingstreet

What was the date the defaults were registered and how much did they total?

Existing lender?

seymourf

The defaults were registered in 2012/13 and totalled around£1500 at their worst. Current lender is Coventry bs.

ACG

With that size deposit I would say it can be done at reasonable enough rates. I think you should speak to a decent broker though as its not going to be for every lender.

seymourf

That's really encouraging, thanks very much! I'll ask around after someone good.
Thanks again ��

kingstreet

I agree with ACG.

Possibly high street option(s) due to age of defaults and loan to value.

A broker will match you with the most suitable lender.

seymourf

Thank you!