Adverse Credit Mortgage - Waiting 6 years

Dennis_B_7791

Thanks for everyone’s help so far. 

Without reliving my story that I’ve posted before, I lost my wife to cancer in early 2019. During the period leading up to this, I got myself into significant debt. I used almost every penny earned for about 1 year to pay for private medical care, rather than paying my bills and commitments. I also took out additional loans, including payday loans to fund treatment. Sadly my wife passed away and it took me some months to sort my finances out and in that time, incurred 8 defaults and 1 CCJ. 

The 8 defaults were all settled in Aug 2019, the CCJ was settled in the same month in full (6 weeks after it was issued). Prior to this my credit history was pristine with no adverse or late payments.
I was able to settle all my accounts from the proceeds of selling my house and I’m now renting. I’ve got good disposable income of £4,000 to £4,500 per month (I live on about 1500 just now, albeit it was less than 1000 during lockdown). I’ve also saved £30,000 over the last 8 months, and will continue to add to that as I don’t expect circumstances to change anytime soon.
My question is quite simple and expect I know answer. Will I need to wait the full 6 years until my credit file is clear, before starting to look for a mortgage or is there any likelihood lenders would consider my circumstances as being exception and take account of my disposable income, savings and precious history to allow me to apply sooner? I expect I’ll be advised that it’s best to wait 6 years and be patient. If that’s what I need to do then I’ll need to deal with it but any advice would be appreciated.

ACG

3 years clear and normal/near normal rates could be feasible.

If you can get to 30% deposit, I reckon under the circumstances there could be lenders out there for you now at near enough normal rates. One for an experienced broker though as it will need some packaging up for an underwriter but possible wel before the 6 years are up. 

Dennis_B_7791

Thanks very much for your response. 

That’s more encouraging than I thought. 

Will keep saving hard until 3 years clear and then look for an experienced broker.