Mortgage with defaults large deposit

CharlieChops

We are hoping to move house, due a family issue a couple years ago I had to reduce my hours at work, then take temporary unpaid leave and which left us in a bit of a financial mess! We have 3 defaults just over 2 years old and settled, the amounts are £2400, £861 and £264, they have been settled for over a year. We have a 50% deposit. We have no outstanding debts. Do you think we will be able to get a mortgage?

haras_n0sirrah

With a big deposit there will be options subject to affordability being ok
Speak to a broker - if you don't have one then some of us who post here are independent mortgage brokers (we display it in our signature) you can search the boards and see who you feel may be able to help and send a pm. We who post here are not allowed to approach forumites but are able to help if people approach us.

CharlieChops

Once we have our house on the market I will be in a better position to know how much we need to borrow I’m think about 4 x our annual salary, do you think this achievable?

haras_n0sirrah

It will depend on other commitments in the background as to what you can borrow. It will also depend on the lender. Best way to know is to get an affordability check done with a likely lender so you know what the situation is before you accept an offer on your property (and then find you can't borrow enough to move)

CharlieChops

When I done an online affordable checker with a non high street lender it said we could borrow £264000 we need about £230000, high street lenders we let us borrow more but don’t think we would be approved for a high street lender