Debts paid off and a mortgage

boothy101

WE Paid off approx 9k debts last month,
we want some advice on whether we are now able to get a mortgage,
no ccjs but they were all with debt collection agencys.
we have a goss anual income of £40k and want to borrow 140k.
thanks in advance.
P.s we are planning on going to see an adviser but we dont want to get laughed out the office

UK007BullDog

Pull a credit record of yourselfs to take with you. Do you have deposit?

Even thought you have paid off your debts you are still classed as sub-prime so you need a sizeable deposit.

boothy101

yes we do have a depost of 10% of the value of the house

herbiesjp

So you had defaults?

How long ago were they registered?
Are any satisfied?
What are the amounts you are paying back?

boothy101

So you had defaults? YES

How long ago were they registered? 3 years approx
Are any satisfied? all paid in full last month
What are the amounts you are paying back? zero we are debt free

herbiesjp

Well done

So all debts cleared and satisfied

Do they show as satisfied on your credit file?

You want to borrow £140k - what is the purchase price £155k?

herbiesjp

There may well be lenders happy to offer you 90% lending seeing as the defaults are cleared and over 3 years old

Definitely worth you having a chat with a fee free whole of market adviser - they should not laugh at you, instead they should research exactly what lenders you could find:D

boothy101

herbiesjp wrote: »

Well done

So all debts cleared and satisfied

Do they show as satisfied on your credit file?

You want to borrow £140k - what is the purchase price £155k?

Thanks

Do they show as satisfied on your credit file? some do some dont as some were only paid last month

You want to borrow £140k - what is the purchase price £155k?[/quote] about £155k we could go to £165k

do we need to wait to go see a broker for all debts tobe updated as satisfied ?

herbiesjp

boothy101 wrote: »

do we need to wait to go see a broker for all debts tobe updated as satisfied ?

Not really

As long as you are armed with all your up to date infomation you will be fine - and just explain what you are looking to do

Make sure the companies concerned will definitely up date your credit file, some people assume it is done automatically but it is not. So keep chasing them until it is done

boothy101

thanks for the help

spoke to a broker we would be paying 9% interest :mad:

if we had a guarantor would that make a difference

did not now we had 1 till found this out

herbiesjp

9% interest seems a little on the high side to me

Was the broker whole of market?

Who was the lender recommended and which lenders did they discount and why?