Fill me in guy's i know nothing...

lewt

Hello i have not been to the board before. i am going to be buying a house next year. summer/sept time. i dont know much at all about mortgages.
i will have about 25k deposit.

The problem is although i am employed full time earning about 25k sure money a year (i get extra however cannot count this as it is as and when money) i have a black mark on my credit history from 3-4 years ago. natwest credit card put it on. and although it has now given me a card back and i can get a contract phone i'm worried how this will effect my chance of getting a mortgage.

my wife earns about 16k a year and has clean credit.

So guy's what do you think will i get a mortgage? will it be a bad one due to my credit ? what are your thought ? ?

lisyloo

I think you need to give some more details about this "black mark".

Did you miss a payment? How money?
Or was it a court judgement? fraud etc.

You really need to say in order for people to know how bad it is.

My own view is that house prices will still be falling then and it still could be a bad time to enter the property market, although it's obviously some time away.

herbiesjp

Indeed - what is the "blip" on your crdit file?

have you got a up to date copy of your credit file? - you can apply for these free as well.

Deposit looks good - income seems fine

What purchase prices are you looking at?
Do you have any other loans/credit card balances etc outstanding?

Lipstick_2

It all depends on the property value that you are looking for.

Any ideas?