First mortgage with 4 year old default.

Scottmini1988

Hi, I am looking to buy my first home. I am looking to buy a property for around £145000 with a £17000 deposit meaning I need to mortgage £127000. I currently earn around £27000pa.
I'm 28 and have been in the same job for almost 11 years and have no dependants. Unfortunately around 4 and 1/2 years ago I got 3 defaults when i fell in into a little financial trouble. All 3 defaults total just over £3000, all defaults have been paid off in full just over 2 years ago. Basically what I'm asking before I go to the bank is, does anybody have any experience in a similar sitiuation and do I have any chance of being accepted for mortgage that does not require. 20% deposit.

Thank you in advance.

ACG

Its positive that they have been satisfied. There is a good chance you will have high street rates available (although not with every lender), although failing that there should be some lenders a touch above the high street rates which I would be almost certain you would fit with.

I think the biggest issue is the loan size you are after, it should fit with some lenders, but it is getting towards the top end. If you do plan on doing this yourself its important you check both affordability and adverse criteria...although as I keep telling y new broker, fitting criteria is very different to passing credit score. I think if I were you, it would be a good idea to use a broker. I realise that comes across as biased, but I just think they will have a good idea which lenders to discount.