Mortgage chances improved?

J_blondie

Previously posted about trying to obtain a mortgage close to 2 years ago and we were unsuccessful due to defaults which weren’t settled and weren’t that historic in some of the cases. Some of those have now dropped off my file what’s left is listed below-

Fast forward to now sick of renting and being in the same situation we are looking at our options again, both my husband and I have been offered a big help from family towards our current deposit.

Here are our stats now-

Car finance paid off
No loans or credit cards
I have one next directory account payments all made on time.

Defaults-

Mine-
Lowell finance £357 due to come off credit file April 2019
£124 due to come off may 2018

HSBC £50 due to come off Oct 2019

British Gas (currently disputing) they can’t find any record of this on their account at all therefore have never been able to settle it. Due to come off sept 2018

Husband-
BT £141 due to come off March 2021

Lowell £320 due to come off Aug 2019

HSBC (same as above)

We can raise a 15% maybe even %20 deposit is there any hope of us buying this time round?? Any advice appreciated

amnblog

Can!!!8217;t even see why these credit issues could not be managed with a 15% deposit two years ago.

J_blondie

I was surprised but I did have other defaults which have now come off my report. The bigger the deposit the better our chance? I may need to shop around for a different broker this time round

amnblog

The last Broker, if they could not place you, should have told you what needs to happen for you to secure lending. That is how we work.

ACG

As above, there were lenders who would probably have done this a few years ago. 15% deposit now will at worst get you rates of around 3.5% now on the face of it, but possibly something a little better.

juniordoc

Sounds like you have a reasonable chance of buying and I would have thought a bigger deposit will help your case yes.
It's likely your family would have to agree to give it as a non-repayable gift if you don't want to be restricted to spring-board like products.
Time to start looking for a broker!

Thrugelmir

juniordoc wrote: »

It's likely your family would have to agree to give it as a non-repayable gift

If it's not a gift then it becomes a loan. There's no grey.

J_blondie

The money is a gift from my mum and dad to top up our current savings

unsure on what springboard like products are?

YHM

Springboard products are limited and if the money is being gifted you won't need them.

Supersy

We have been placed with a High Street lender with one of us having similar defaults, Broker we are using is superb and worth every penny.