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    • H0p3
    • By H0p3 12th Apr 18, 12:39 PM
    • 2Posts
    • 0Thanks
    Mortgage with 3 year old defaults
    • #1
    • 12th Apr 18, 12:39 PM
    Mortgage with 3 year old defaults 12th Apr 18 at 12:39 PM

    This is my first thread on here so please bear with me!

    My husband and I live in a 1 bed flat. The mortgage is solely in his name as at the time that he applied for the mortgage (in 2015) I was in debt and on a debt management plan. We had no problem getting a decent mortgage for the property size we needed at the time purely on my husbands salary (we weren't actually married at the time either).

    Move forward three years and we now have a child, have got married, and I was able to pay off all the debts I had as part of my DMP and have been debt free since November 2016. My last default was placed on my account in August 2015 (I actually don't remember being told about this default - there are only 2 and the first I knew about, but this one was a surprise when I checked my credit score.). I have accessed my credit score on MSE Credit Club and have a 'Fair' score which is in the low-mid 700s. My husband has an excellent credit score. I have an Aqua credit building credit card that I use for things relating to our daughter and pay off obsessively as I am now totally terrified of debt. I've only had the card for 2 months but think I've made about 4 payments in that time to ensure we never get any charges or interest.

    Between us we have one outstanding loan which was for our wedding rings. It was an interest free loan that will be paid off in August this year. We have paid the DD on it every month since last year. Otherwise we have no other debt apart from the mortgage in my husbands name.

    We are very fortunate financially now and have been overpaying our mortgage by 300 for the last 6 months and prior to that were overpaying by 100 for about a year. So outgoings are not really an issue even with the additional cost of childcare which we now have.

    However our flat is becoming too small. We need to now think about moving, but we would need both our salaries in order to get a mortgage for a big enough property.

    Given my financial history what are the chances of being accepted for a mortgage this year? If we do move I would like to have our flat on the market during the summer months so we are trying to decide whether to start the ball rolling now or whether to wait until this time next year (which I'd like to avoid but want to make the most sensible financial decision rather than an instant gratification decision that doesn't make as much financial sense.)
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    • anfieldred
    • By anfieldred 12th Apr 18, 12:42 PM
    • 237 Posts
    • 2,644 Thanks
    • #2
    • 12th Apr 18, 12:42 PM
    • #2
    • 12th Apr 18, 12:42 PM
    As someone who is trying to remortgage with a less than perfect credit history, I'd say go with a broker. They know this industry inside out, and will be better placed to be able to answer/hopefully place you somewhere.

    Good luck with it!
    • ACG
    • By ACG 12th Apr 18, 2:23 PM
    • 18,353 Posts
    • 10,007 Thanks
    • #3
    • 12th Apr 18, 2:23 PM
    • #3
    • 12th Apr 18, 2:23 PM
    3 years clear, there may be high street options available.
    Failing that reasonable rates with a 15% deposit should be achievable.

    Definitely one for a broker though, to get it packaged up right.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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