Mortgage 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

ACG

There could be options, potentially with little building societies. Specialist lenders typically need 10-15%.

sammyjammy

duplicate post https://forums.moneysavingexpert.com/discussion/6687387/mortgage-potentially-possible#latest

HantsHelper22

Hi, it's a sensible thing to plan ahead for. In general, the older and smaller the defaults, and the longer you've kept up the repayment plans without missing anything, the more options open up. Specialist lenders often look for a larger deposit, so saving towards 10-15% gives you a much better choice, but it's worth an adviser looking at your actual credit files closer to April, as lenders' criteria differ a lot. In the meantime, keep everything else on your file spotless and avoid new credit applications. Good luck.