Likelihood of mortgage - adverse

finallyfree23

Hi there,

Hoping some of the more knowledgeable folks here may be able to help. I’m asking on behalf of my son, yes he’s an adult and perfectly capable of joining and asking himself, but I know he’ll keep putting it off as he’s worried it won’t be great news.

He’s late 30s, has had a tough time financially and as a result his credit file is pretty shot, but a lot of it is now quite old and will likely have dropped off by the time he’d be in a position to buy, although some will remain.

Now in a better place with a greatly increased income, and hoping to save for a deposit over the next coupled of years whilst paying off the last bits of debt, so he doesn’t face a retirement renting as I am.

Probably hoping to buy in about 2-3 years, aged around 40.

Income £45k
Single
Hoping to have £20k deposit towards £80k property, so 80% LTV

Adverse that will remain

Half a dozen late payments 4+ years old
1 late payment 3 years old
2 telecom defaults less than £50, 4+ years old
2 CCJ approx £4k, 4 years old
History of payday loans, although all will be 4+ years old

Historically he had a lot of defaults and CCJs, although no insolvency and they’ll all have dropped off apart from the above.

4 credit active CC accounts which he uses and pays in full, no balances. Total £6k limits, happy to close a couple if it helps

Just looking for a steer on whether in today’s market there are mortgages out there for him? Realise the situation may change, but it’s something to aim for if it may be possible. Fortunately he lives in a very low cost area, although again that may change - hopefully not until he (hopefully) has bought somewhere and can benefit! 

Thanks

Emmia

He'll probably need a broker to assist with the mortgage, but I can't see why it wouldn't be possible.

Edi81

Just be aware that some lenders have very long memories so a broker and being upfront about who the defaults were with even if old is a must.