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Mortgage Chances Advice Please?
Austin0710
Posts: 15 Forumite
Hi, I've been a long time lurker on this site and this is my first post so here goes......
Currently paying off 42k debts from LBM in 2014. We currently have 9k outstanding and this should be cleared by August 2019.
The plan is to then save aggressively until 2021 where we hope to save 40k towards our first home.
We currently earn around £75k between us (this is only due to recent promotions) and once all debts paid off we will have £1400-£1800 to 'save' every month.
Wife's credit should be squeaky clean by 2021 but I will have a default from 2016 with Virgin Media (stupid, I know!!).
The question is what are our chances of getting a mortgage of 180K with a deposit of 40k if I have a default from 2016?
Sorry for being long winded but the wife believes we should just try where I believe we should wait for the default to 'drop off' my files to enable a better rate mortgage?
Thanks in advance for any replies.
Currently paying off 42k debts from LBM in 2014. We currently have 9k outstanding and this should be cleared by August 2019.
The plan is to then save aggressively until 2021 where we hope to save 40k towards our first home.
We currently earn around £75k between us (this is only due to recent promotions) and once all debts paid off we will have £1400-£1800 to 'save' every month.
Wife's credit should be squeaky clean by 2021 but I will have a default from 2016 with Virgin Media (stupid, I know!!).
The question is what are our chances of getting a mortgage of 180K with a deposit of 40k if I have a default from 2016?
Sorry for being long winded but the wife believes we should just try where I believe we should wait for the default to 'drop off' my files to enable a better rate mortgage?
Thanks in advance for any replies.
0
Comments
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You also face the challenge that the lenders you defaulted on. Aren't going to forgive and forget very quickly if at all. Raising a good deposit therefore puts you in good stead.0
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If you defaulted banks/lenders then you may struggle with those lenders even if the defaults have dropped off your credit reports.
But aside from tha you should be fine with some lenders, maybe not all though.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for your replies.
The only lender I have defaulted was RBS back in 2014 as all our credit cards & loans were with them.0 -
Might be worth avoiding RBS/Natwest then.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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