Mortgage with bad credit

Nicola8612

Hi all

Firstly I’m not sure if I’m better off posting here or in the debt free forum, so my apologies if I’m in the wrong forum.

I have a satisfied CCJ for £380, only recently satisfied as I wasn’t aware of it until I did a credit report search. The CCJ was 2 or 3 years old.
I have looked on 3 credit reports and have 4 defaults from 2 -3 years ago. I’m in the process of paying them off and will be paid by next year (highest one being 530pounds).
I also have a HSBC credit card which I am fully up to date with but owe 1600pounds. I like to pay more than the minimum payment owed so pay as much as possible , this month I paid 600 pounds off that card.

Ideally after my debt is cleared in approx 9months I want to start saving for a deposit for a mortgage. Would the specialist brokers be able to help if my CCJ remains on my file as satisfied plus my defaults?
If I save a 20% deposit for a 2bedterrace worth approx £90,000 would I stand a chance?

My annual salary is 35,000 pounds with the NHS.

Also my husband is in a worse situation than me and has a satisfied CCJ that will drop off next year however he has a CCJ for 6K which was only issued last year for a hire purchase car that he had to hand back as he was made redundant. He also has approx 5 defaults which have all been issued in the last year or two however are approx 200 pounds of less each so these will be satisfied by the time the application is put in, as we cannot save for a deposit without paying off our debts first.
He earns 22,000 pounds.

I know I may be premature in my post but just wanted some advice. I know no high street lender would touch me.

Would I be in a better position applying on my own or jointly?

Thanks

ACG

You probably need 2 years from when the most recent one was registered and a 15% deposit to get reasonable rates.

The values are not overly important, it is the dates. You say 1-2 years old, there is a big difference in what is available an dhow much it will cost between 1 and 2 years and 2 and 3 years.

But as above, 15% deposit, 2 years clear and you should have options.

Nicola8612

Thanks for your reply.

Also I’m paying 600 pounds a month off my credit card to get it to zero..I’ve never been late paying this but I’ve just thought would I be better paying off my defaulted debts and paying a minimum payment on my credit card monthly or will this not matter how quickly I settle the debts?

Thanks

ACG

It makes no odds abouts the debts being cleared or not.
It also makes no odds about your current debt I would not have thought.

As a general rule of thumb you can lend around 4.5x your income, you are looking for less than 3x.

Nicola8612

Thank you again.