Mortgage LTV after DMP/defaults

321654987

My partner and I paid off our DMP last year and our now debt free, we have 3 x defaults on file, one settled in October 2014 and two settled in April and June 2015.

We have recently sold our house and have made a profit but are renting short term whilst we look for something to buy.

When I've spoken with a financial adviser in the past he has found that we would only be offered a mortgage with a LTV of 85%. I'm obviously glad that a mortgage is on the cards but wondered when/if we will ever be in a position to only require a 10% deposit as this obviously opens up a lot more options for us.

Can anyone advise or recommend the best brokers to speak to for our situation?

Thanks in advance.

Westminster

Did you show your credit files to the adviser?

Also - it’s the default date rather than the settled date that influences when your credit files really improve.

Get copies of the 3 main credit files for you and your partner infront of an independent broker for accurate advice as anything you get here will be based on incomplete information.

kingstreet

The defaults are more than three years old which would put you back on the high street.

Your DMP completion date may be the issue.

it's a bigger deposit, a longer wait, a higher rate or a combination of the three.

ACG

At 85% there are almost sure things available.
At 90% you are probably either going to pay through the nose or be subject to score which means it is 50/50 on whether you will pass or not.

Probably one for a broker with experience in adverse.