Mortgage with DMP/defaults/payday loans

Hi,
Myself and my partner are wanting to buy our first home soon (ideally this year). My partner has a brilliant credit score, no debts from the past etc. I however have a fair credit score with a history of money issues.
Since 2012 Ive had an overdraft, a bank loan and fell into the spiral of using payday loans. In around August 2017, I set up a DMP - this included approx 8-9 creditors, amount of around £8k. My DMP was paid off in Jan 2020. However this caused me to default on my overdraft and loan with my bank (which I no longer use). One was for the amount of £900-£1000 and the other £300-£400. The dates of the defaults show may and September 2018. 
I haven't taken any payday loans out since my DMP started. I do currently have a credit card which I am using to try and help my credit score - £10 purchase, paying it off in full each month, limit £350. 
I got into debt mostly due to myself being young, naive and living beyond my means. In the year before my DMP I was in a relationship with someone who was in severe debt and I was also stupidly paying for his lifestyle as well as my own.
I have no intention of ever using a payday loan again nor being in a position that could lead me back to being in debt - this was the lowest point of my life and has affected me.
In terms of buying a house, we currently have a deposit of £45k and will probably be aiming for a house worth between £130-£160k. Joint income of £44k.
I know we will have to use a specialist broker but I am so scared that we will still get declined because of my past. How likely is it that we will get accepted?

Comments

  • ACG
    ACG Posts: 24,464 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    edited 29 January 2021 at 5:04PM
    There is no reason for you to be unable to get a mortgage.
    It is possible you may get normal rates, but I think you probably are looking at rates closer to the 4% mark. 

    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Hi, sorry to jump on this thread but I feel my situation is similar in ways. I got into a rhythm of some missed payments due to an ex partner and I was paying for his lifestyle too...anyway we split and it took me a few months to get back on track. My last missed payment was august 2020 and now me and my new partner are going for a mortgage and I’m worried it will stop us. He has no record of anything like that on his score similar to you. 
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