Chances of getting a mortgage? Help!

gambit222A

Hello,

I am looking to get my first mortgage at the end of this year, i am in the process of tidying up my debts.

I dont have a great credit history, however, for the past 3 years, I have never missed a payment. I have one default from 2014 for 3k, this will disappear in May 2020.

I currently earn 41k per year. 44k once I do overtime. And I have been in my job for 10+ years.
My debts are as follows

credit card 1 - 4200
credit card 2 - 900
2 mobile contracts
Loan from Credit union for car purchase - 9000

I have a deposit of £12000.

As I say, I haven't missed any payments in a few years.

Can anyone comment on my chances?

BoGoF

What sort of property prices are you talking?

Is the default account settled?

gambit222A

Anything between 90k and 140k.

It is not settled.

Kentish_Dave

Why do you think that someone else would want to lend you money if you still haven’t settled what you defaulted on last time?

Why, if you have £12,000 are you not paying back what you owe?

LawAbiding

Settle the default if you can using your savings, wait a month and see a broker.

My broker put me with Aldermore, I settled my defaults last month, which are over 3 years old and have about 12k of debt.

RelievedSheff

There are lenders who will consider your case.

It would help if you settled the default or waited until after May next year for the default to drop off your file though.

[Deleted User]

Comes down to what is best for your circumstances. Morally I wouod say to settle the default as its money you owe.
Practically I would say its unlikely to make a difference and the bigger deposit would allow you a lower rate, more lender choices etc. This would lower your payment and you coupd repay your debts from the savings.

A good few high street lenders should lend with it being unsatisfied as long as the rest of the case stacks up