FTB mortgage with two defaults

LopsidedHornet

That's where I'm coming unstuck - to get 85% LTV, on an 'offers over' £110,000 flat, presuming £110,000 is the value and I'll need to over up to 10% over -

Value £110,000

Offers over price estimate £120,000

85% LTV mortgage £93,000

Deposit + cash for offers over - £25,500

If all goes well I will be debt free in October this year.  In May 2026 I will have around £13,000 for a deposit.  To get to £25,500 will mean saving for a further 9 months taking me to February 2027.  Which then lands me with the original question - is it worth paying off the two defaults?  Because in February 2027 one will be close to dropping off my report entirely and the other will be over five years old.

Hoenir

Nothing personal in my comment. You asking a lender to advance you monies when you haven't settled a previous financial arrangement that you've defaulted on. From an underwriting perspective this tells the lender your attitude towards your personal finances.  Mortgage applications are like entering a beauty parade. You are in competition for the lenders attention. A lender may simply say pass. There's far more attractive options to chose from. 

The finance companies who the defaults are with. Will be definate no's. 

Treating defaults as interest free loans is broadly frowned upon. If there was no punishment for defaulting and subsequently repaying. Everybody would play the same game. Costing finance houses enormous sums of money.