Mortgage Advice - Adverse History

u8ga

Hi everyone - New here and looking some advice if possible.

Due to some problems a few years back, I've a history of adverse credit with a total of 6 defaults showing on my credit file, all from around early 2017 with one in 2015.
Over the past year and a half I've managed to get finances back on track, a good amount of savings built up and a regular income from self employment each month. My current plan is to pay off the current defaults if advised. To be honest I've had some conflicting information whereby some say it's best to pay them off and others are saying it won't make a difference at all.

I would like to start looking at mortgage options this year IF possible - First time buyer, property around £115,000. Deposit amount would be around £20,000 which is mainly made up of savings.

Northern Ireland based so I know I may be limited to lenders who deal with adverse history, however I have seen that Kensington Mortgages now offers to Northern Ireland.
Basically just looking at what options may be available for someone in my position and with a very bad history. Any help would be much appreciated and I'll be as honest as I can with any info needed.

Thanks a lot.

ACG

Paying off defaults makes sense if you are borderline high street, the defaults showing as satisfied ideally for as long as possible (not a week before you apply for a mortgage) can make the difference.

If you are going to end up with a specialist lender anyway, then it makes no odds whether you pay them off or not (from a new mortgage perspective). Scotland/Northern Ireland things are very different to England and Wales and as you say Kensington have very recently launched in NI, assuming the products are the same there as they are in England and Wales, you may have them as a sort of worst case scenario, they are bringing out some new products in the next few weeks also, so might be worth keeping an eye on. 

u8ga

Hi ACG, thanks for your reply and input.

Even though most of the defaults are around 4 / coming to 4 years old, I didn't expect to be anywhere close to looking at a high street lender?

Apart from Kensington, can you advise if there (without naming) any other specialist lenders with products available to customers in Northern Ireland? I know Natwest work with NI customers as a family member has had success with them and recommended in the past.