Hi guys,
I've been lurking around the debt-free diaries for a while, but have made the rather grown up decision recently that I'm going to start saving for a house whilst my rent and outgoings are low enough to save a sizeable deposit.
I'm looking to buy in mid 2015 - we should have a deposit of around £40k then, looking to buy a property around £250k (less if we can find the right place!) - so have a 15% deposit.
The only issue is I will have a default (satisfied), due to drop off in August 2017 - it was satisfied in April 2012, so will have been satisfied for 3 years by the time we look at mortgages. I've seen a few posts about this kind of thing on here, but just wanted to clarify. I'm guessing I won't be in the prime lender market, but I should be able to get a mortgage with one default (it was for about £350), at admittedly sub-prime rates shouldn't I?
I've been lurking around the debt-free diaries for a while, but have made the rather grown up decision recently that I'm going to start saving for a house whilst my rent and outgoings are low enough to save a sizeable deposit.
I'm looking to buy in mid 2015 - we should have a deposit of around £40k then, looking to buy a property around £250k (less if we can find the right place!) - so have a 15% deposit.
The only issue is I will have a default (satisfied), due to drop off in August 2017 - it was satisfied in April 2012, so will have been satisfied for 3 years by the time we look at mortgages. I've seen a few posts about this kind of thing on here, but just wanted to clarify. I'm guessing I won't be in the prime lender market, but I should be able to get a mortgage with one default (it was for about £350), at admittedly sub-prime rates shouldn't I?