Struggling to get a mortgage

peteuk

junglist_matty said:

@peteuk you started with 65k of debt and now you are down to 1k (solid effort)

At 49, a 20year term would surely be more than acceptable.

Your salary has to work in your favour (it's well above average), but those defaults sure don't look good.... Have you considered reducing your target budget and taking say a 2year fixed just to get your foot on the ladder? i.e. look for something in the region of £200k? You'd be far more likely to be approved if your LTV is lower and surely in your position, getting something is better than renting? ....Good luck

Thanks Junglist matty, reducing debt as such was difficult, but we managed it.  Although due to circumstances have had to increase it at times (2019 returned to the UK with no cars, so had to take high interest loans) which further doesn't help our cause.  We have addressed this now and as previously mentioned only have one credit card (each) and one next account (each).  Paying off some of our debt has reduced our deposit a little. I would like to clear them all, but keep one CC account open in case of emergencies.  

To drop to £200K will mean moving away or downsizing as there is very little in the house market at that price.  But I see the logic in the suggestion, to build up either a better credit score (loose some historical accounts and at least one default) and a better relationship with a lender, for them to look at us more favorably in the near future.   Will bear this in mind.   Thank you.