Mortgage potentially possible?

CurlyTop11

Hi all,

I am not looking for concrete advice here obviously, but maybe just some insights from anyone who has experienced. I have 7 defaults on my file which are all being paid monthly (small amounts and self managed). In April next year, my latest defaults hit 3 years, and I was hoping to potentially look at buying a house after this. The total of these is approximately £25k. I have done CCAs and also tried offers, to no avail so far.

Is there a possibility of a mortgage, via a specialist lender/broker once the defaults hit 3 years with a 5% deposit, or is there no chance until a minimum of 10%?

I appreciate other factors come into play, but it would be great to have a general target to aim at!

Thanks

sammyjammy

I'm no expert but I think you'd looking at a very much specialist lender with increased rates if the defaults haven't been repaid, I would say concentrate on getting them repaid first.

CurlyTop11

Thanks @sammyjammy. I fully understand I would need to look at a specialist adverse lender via a broker, I just wondered if anyone had experience once default !!!!!! 3 years, but remain unpaid. I won't be able to clear them for a few years, and was hoping to get a mortgage before that.

RAS

The defaults will fall off your credit records 6 years after issue, regardless. But you'd probably have to declare the debts as part of the application process.

You'd be better on the mortgage forum, probably.