Mortgage with bad credit

[Whoknowsjack]

I'd like to move house soon, joint income of around 70k, couple of late payments on credit cards over the last year (due to being stupidly slack in paying on time, not due to having no funds, nonetheless it's obviously affected our credit score). Anyway the bad news is we currently owe approx 15k on credit cards, the good news is we have around £1300 a month free to repay on debt (which we are paying each month).
So, what would be our chances of getting a mortgage say next summer? I would think we'll have virtually paid it all back by then, so we'd have a joint income of 70k with no credit outstanding, plus about 40k equity. Would that be okay, or would it still be too soon after paying it back to think we could then get another mortgage? Thanks in advance.

If you can't get a mortgage there is no hope for me. Single parent 20.000 income. Been throwing money away renting for 16 years and fed up with it!

I think you'd be in pretty good shape to qualify for some kind of mortgage if you make a concerted effort to pay off the credit cards and free up plenty of disposable income before applying. Mortgages are not based solely on credit-worthiness now but there is a detailed examination of your income, outgoings and savings. So you have to be able to show that, including the mortgage payment, you can still cover all your spending commitments and have some money spare besides. How big a mortgage will depend on a few variables

Next summer should be ok for you to apply as long as you have no more late payments or adverse credit but a late payment on a credit card or mortgage within 12mths of applying us a red flag also ideally your credit cards balance will be below 75% of the limit and when the time comes use a whole of market mortgage broker, don't pay more than £250ish for this service though.