First time buyer really unsure

FutureGirl

Hi all! We are currently saving to buy our first home, and are looking at properties up to the £160k mark. We earn around £57k between us and it looks like we’ll be ready to buy within the next 18 months. 

Just looking for some advice on how to get ourselves in the best position possible, as I don’t have the best credit history.  

When it comes to applying for a mortgage, I will still have 2 defaults that are 5 years old, and 3 that are 3 years old. All are paid off and are closed. Hubby has a clean credit file. 

Just wondering if we have ANY chance of getting a mortgage? We were hoping for the 5% government ones but I don’t think it’ll be possible with my credit history? 

Will we need a broker? Where would I even find a decent one? 

Thanks for any help in advance

ACG

18 months is a long time away.

12 months ago, I would have said you might get normal rates with a 10% deposit. 
11 months ago, I would have you would get adverse rates with a 25% deposit.
6 months ago, I would have said you would probably get adverse rates with a 15% deposit. 
Now I think you are probably looking at normal rates with a 15% deposit or adverse rates with a 10% deposit. 

Personally, I dont think you will get a 95% mortgage even in 18 months but who knows. 

getmore4less

With over £3k a month coming in can't you save £1k a month to get over 10% in 18 months.

Only aiming for £8k  for 95% LTV is not very ambitious.