Me and my husband are looking to purchase a new home at a price of £280,000. As it is a New Build the builders are currently offering a Help to Buy Scheme which would require us to provide 5% deposit (£14,000) and they would lend us 20% therefore requiring us to obtain a mortgage of 75%.
We have a joint income of approximately £60,000 and each month after bills have been paid are left with approximately £2,600 to save/play with. We currently have £10,000 in our savings and have equity in our current home of approximately £10,000.
The thing is approximately 4-5 years ago I went through a bad patch with money and defaulted on various accounts. I have 6 defaults, all for under £500 and 5 of them for under £200. All defaults have been paid and marked as satisified for 6+ months. I also have a CCJ for a college course that I didn't complete. This again was for under £200 and has been marked as satisified for 6 months.
I have no late payments on my file for over a year. My husband has a excellent credit rating.
What do you think our chances of securing a 75% mortgage are?
Thanks
We have a joint income of approximately £60,000 and each month after bills have been paid are left with approximately £2,600 to save/play with. We currently have £10,000 in our savings and have equity in our current home of approximately £10,000.
The thing is approximately 4-5 years ago I went through a bad patch with money and defaulted on various accounts. I have 6 defaults, all for under £500 and 5 of them for under £200. All defaults have been paid and marked as satisified for 6+ months. I also have a CCJ for a college course that I didn't complete. This again was for under £200 and has been marked as satisified for 6 months.
I have no late payments on my file for over a year. My husband has a excellent credit rating.
What do you think our chances of securing a 75% mortgage are?
Thanks