Hello all, I have a question regarding my chances of getting a mortgage in a couple of years time.
I have already asked this on the debt free wannabe board however I thought I'd ask here as my concern is specifically regarding my chances of getting a mortgage.
Background is I entered a DMP with Payplan in April 2008, I made my last payment in December 2012. Of my 4 creditors 3 defaulted me with dates June 2008, September 2008 and February 2009 which is fine as these defaults will be gone from my file in 2 years. However the 4th creditor MBNA did not default me but placed a debt management plan marker on my credit file and I have recently realised that this will cause a detrimental affect on my file for 6 years from the date of settlement which would be december 2018! I will be contacting MBNA regarding this as if I had made no attempt to pay at all they would have defaulted me at the time and I'd be in a better position now! I've checked the ICO default guidelines which suggest that someone who repays their debt should not be placed in a worse position than someone who makes no attempt to repay.
Basically can anyone give me an idea on what my chances of obtaining a mortgage will be with no defaults but the DMP marker on 1 settled account (DMP marker commencing May 2008).
My current salary is £18k (although I take home £22-£23k with bonus and overtime) and I should be in a position to save 20-25k by the time I will be looking to buy and properties roughly the value 90-110k
Thank you for taking the time to read this,
Cat_Lady
I have already asked this on the debt free wannabe board however I thought I'd ask here as my concern is specifically regarding my chances of getting a mortgage.
Background is I entered a DMP with Payplan in April 2008, I made my last payment in December 2012. Of my 4 creditors 3 defaulted me with dates June 2008, September 2008 and February 2009 which is fine as these defaults will be gone from my file in 2 years. However the 4th creditor MBNA did not default me but placed a debt management plan marker on my credit file and I have recently realised that this will cause a detrimental affect on my file for 6 years from the date of settlement which would be december 2018! I will be contacting MBNA regarding this as if I had made no attempt to pay at all they would have defaulted me at the time and I'd be in a better position now! I've checked the ICO default guidelines which suggest that someone who repays their debt should not be placed in a worse position than someone who makes no attempt to repay.
Basically can anyone give me an idea on what my chances of obtaining a mortgage will be with no defaults but the DMP marker on 1 settled account (DMP marker commencing May 2008).
My current salary is £18k (although I take home £22-£23k with bonus and overtime) and I should be in a position to save 20-25k by the time I will be looking to buy and properties roughly the value 90-110k
Thank you for taking the time to read this,
Cat_Lady