Question for Brokers - Mortgage as Self-Emplyed + Adverse Credit

7NX

Hello, I have a couple of questions for any brokers out there, who might be able to shed some light.

I'm looking to buy a property in the next few months, but am self-employed and have adverse credit history. I've had AIPs from two high-street lenders, (Halixfax and Nattionwide) but am slightly cautious about how likely these are to be accepted via a full application, as I've read they almost never allow mortgages for those with any defaults in the past, and other high street lenders haven't been able to offer an AiP due to the defaults.

Two of the defaults on my file are for the same debt (one was the original default, and the other added to my credit file by the collection agency that purchased the debt.) this is due to come off my file in approx 9 months.

The other is due to come off in 4 months.

I am self-employed, though earn a relatively good amount (approx £68k), and can demonstrate this through the last 3 years of HMRC returns.

I'm looking to purchase at 290k, with a deposit of around 37k.

I also pay child support at £700/month. I know some lenders take this off earning multiple, while others treat it as an 'expense'?

No other debt, loans, or CCs owing etc.
Experian score of 859/999
Plan 1 Student Loan with approx 6.5k left (based on current earnings/deductions would be repaid in <2 years).

My questions to any brokers, are: Based on the above complexities, and any similar situations you've seen - how likely is a full application to be accepted/rejected by these high street lenders I have an AiP from? 

If I apply through one, and am rejected, will this harm my chances with a specialist lender, applying directly after? And if having to go down a specialist route, do you think it likely that I will be able to find a mortgage for the property I need?

Is it worth me paying off the remainder of my student loan, so that it's not taken from my income multiplier, but would result in me having less as a deposit?

And finally, how much does it help the situation, if I can raise a little more for the deposit, to put me in the 15% LTV range?

(Waiting until all defaults come off in Feb 26 isn't an option, as I need to move asap).

Many thanks in advance!

ACG

how likely is a full application to be accepted/rejected by these high street lenders I have an AiP from? To be honest, I think if you have a DIP with those 2 lenders you should be ok. Their AIPs are generally quite reliable. 

If I apply through one, and am rejected, will this harm my chances with a specialist lender, applying directly after? No.

And if having to go down a specialist route, do you think it likely that I will be able to find a mortgage for the property I need? I dont think you will need a specialist lender. I would say high street is possible. Worst case scenario you might be looking at a building society who does not credit score. 

Is it worth me paying off the remainder of my student loan, so that it's not taken from my income multiplier, but would result in me having less as a deposit? I think in this case if affordability is fine, larger deposit is a better option. 

And finally, how much does it help the situation, if I can raise a little more for the deposit, to put me in the 15% LTV range? I dont think its necessary with what you have said.