Adverse credit mortgage options

Elwyn

My wife and I are thinking of moving to a larger home, but I have significant adverse credit history and was wondering if it would even be possible in the near future. The current house was bought by my wife before we met and so is in her name only.
I have 6 defaults (mostly cc) from the summer of 2016 totalling around £11k. This was acquired due to being terrible with money when I was a student. These were all settled on a DMP last year and I am now debt free.
We both have secure jobs and earn combined £100k a year before tax and deductions. This works out at around £5500 per month after deductions.
Aside from current mortgage and household bills, we have one car on finance for around £300 a month. 
Our deposit would be around £60k. As we don’t even know if we can get a mortgage, we haven’t really got a solid price for the house we want, but would anticipate a house costing around £275k-£325k.
Does anyone have any insights into whether a mortgage would be possible in the near future? 

ACG

I think you have options now, rates should be reasonable - maybe 3.5%, possibly a touch above or below. 

You may even find there are high street options but in the current climate I think that is probably a tough ask. 

Elwyn

ACG said:

I think you have options now, rates should be reasonable - maybe 3.5%, possibly a touch above or below. 

You may even find there are high street options but in the current climate I think that is probably a tough ask. 

Thanks for your help, it’s encouraging to know we could be in with a chance. My wife is on maternity leave at the moment and so I assume it is best to leave anything until she returns to work. Although if a lender asks for say 3 months of her payslips, does that mean we should wait until she has been back in work 3 months showing full pay?

ACG

It depends on when she is going back to work. If it is within 2-3 months it should be fine. 
The lender will probably write to the employer for confirmation of:
When your partner will return,
What hours/pay she will be,
They will probably also want confirmation of whether she will be on furlough or not and also any child care costs. 

Carl2510

Made some silly mistakes to have that much debt but at least you’ve got a good job to get yourself out of it!

Elwyn

ACG said:

It depends on when she is going back to work. If it is within 2-3 months it should be fine. 
The lender will probably write to the employer for confirmation of:
When your partner will return,
What hours/pay she will be,
They will probably also want confirmation of whether she will be on furlough or not and also any child care costs. 

Thanks for your previous advice, I have a but of an update and was hoping for some more guidance if possible. 

My wife and I have a deposit of around 75k.
She is due to return to return to work in February, however she will then be going off on maternity leave again in April as our second is due! She will therefore have three months pay before going off and will return to work again in January 2022.
Now, we were quite content with waiting until then to look for a house, however a new housing development has opened in an ideal location for us and we are looking into our options. 

I guess the main question I have is, is it going to be possible to obtain a mortgage with my credit history and during her maternity leave where she will not be being paid. We would keep enough savings to pay the bills until she returns to work. We are also both GPs so have secure employment.