Mortgages and repairing poor credit.

[whatamess]

Hi there

 

Myself and my husband got into some financial trouble 5 years ago which lead to some defaults. As of next year all the defaults will be due to drop off our credit files. We currently have a mortgage with no arrears for the past 3 years. We really would like to move in the next couple of years and was wondering how long after defaults are removed will a lender consider allowing us to sell and buy? Is there mortgage brokers that WILL consider applications with poor credit?

 

Thanks

[theoldrouge]

You would need to approach a very reputable broker with access to the whole of the market

 

not one who is tied to a particular lender.

 

Much would depend on your income/ability to service the mortgage (the interest rate would be higher in these situations)

 

and the size of your deposit in relation to the loan.

[whatamess]

How would I find such a broker? And us this after my defaults have dropped off? If so how long would I need to wait before I applied?

 

Thanks

[caro]

If you're with a decent lender already it might be worth trying them again as they already know your history with them has been good for a long time.

[honeybee13]

I agree with Caro. Here's a link to the FCA [regulator] on finding an IFA/broker.

 

HB

[whatamess]

Thanks Guys.

 

HB I can't see the link. My mortgage is with a high street bank I will speak to them first.

 

Cheers

[theoldrouge]

As regards your current mortgage, you may wish to check the t&cs of your agreement, to see whether your current mortgage has a portability clause subject to your lenders current criteria