AIP whilst still clearing debt

Itsabouttime

Hi all quick question. We are in the process of clearing our credit cards and a loan (we have 5 year + defaults on both credit records so will need a broker). We were planning on clearing the loan and credit cards (these will all be cleared by 1/11/2020). My question is surely for us to know our chances a broker will need to try and get an AIP. Do brokers have the facility to put debts will be cleared or is this based on what’s active at the point of AIP.  What difference does it make if the debts are cleared or can this be a condition. Based on affordability calculations Combined salary x 4.5 = £400,500 we need £260 with a minimum 23% deposit or 43% If we use H2B on a different property. I know this may seem a ridiculous question but I’m learning. 

ddonq1412

When do the defaults drop off, How many of them is there. and what was the value to each of them if there is several. Combined salary is about 90k. The debts will be taken in the affordability if they are not cleared. you can still get an AIP with the debts. Some high streets lenders will look at you with default depending on the value.

haras_n0sirrah

Yes - some lenders will count everything on the credit report but others will ignore as long as the debts are declared as exisitng but being cleared.
Speak to a broker - if you don't have one then some of us who post here are brokers and we are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to assist if send a pm. Read the boards and send a message to someone who you think can help you.

Itsabouttime

Thank you that’s good to know.