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Poor credit and first mortgage advice

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Hi I’m after some and advice and I’m hopeful you can share some of your wisdom.

i haven’t got the best credit score current Experian is showing me as 650, this is due to having 6 defaults logged against me in 2020 along with two CCJs. As my financial situation is much better now thanks to a household income of around 90k these have been fully paid off and satisfied for around 18months now. The only debt currently is a car loan and a phone. 

So I’m currently saving for a first mortgage which has been a slow process but currently have £7.5k saved away and adding to this monthly. My question is what am I looking at eligibility wise? The plan is to have around £15k saved by the end of the year but should I wait until 2926 when all of the adverse credit will drop off or due to their age and satisfied status is their impact going to be that significant now? 

Any input would be much appreciated thanks

Comments

  • Sorry I meant 2026 not 2926 😂
  • ACG
    ACG Posts: 24,551 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I think you might need a 15% deposit, difficult to say for sure as you might get away with a 10% but the adverse is fairly historic now. 
    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.
  • Thanks, would you say the help to buy wales and 5% from myself would be out of the question in that’s case? 
  • ACG
    ACG Posts: 24,551 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I dont know anything about HTB wales im afraid. 
    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.
  • Yes, it's possible, I just got approved for a mortgage [15% deposit though] with a specialist lender with 10 CCJs and 10 defaults - it's possible, but you might need to go through the mortgage broker specializing in adverse credit. They would ask for a larger deposit, and as long as you don't have other debt you definitely get a chance :)
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