How long do I have to wait to get a mortgage?

Posted on 8 August 2012 by hayley


Hi I wanted to find out how long I should wait to re apply apply for a mortgage. we were declined in feb 2012. I had only just finished my dmp in jan with everything being paid off in full. I have two defaults on my credit file which date from 2008. I have had a credit card for 6 months which I have used and paid each month my bank has given me a overdraft three months ago which I also pay every month and I have just obtained a new credit card with a better interest rate (closed the other) and more credit limit (old was £500) and new is £800 I have one old finance which I am paying off and shows I am on a arrange to pay (hoping to clear this v soon) we have a deposit of £15,000 and my husband credit is perfect how much longer do we wait until we apply for a mortgage? or will we ever get one?

Hayley

You may have read my response to Louise entitled "Satisfied Default" and I regret that with a recent debt management plan and a continuing arrangement to pay I doubt you will be able to get a mortgage for at least 12 months, probably longer.

The current economic climate means that lenders are not flush with funds and so they are being very picky as to who they lend to.  I don't expect this situation to improve and in the meantime I recommend that you maintain a clean credit record and save as large a deposit as possible.  This way you will be in a better position when things do finally start to recover.

Peter

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