mortgage advice

daveypro_2

Hello,

Been turned down today by nationwide for a 95% mortgage, we are looking to borrow £139k on a £147k value house i have 8k as a deposit, my credit record is a tad spotty, one default 3 years old for £200 (settled) and no late payments in the last year.

The mrs has had a couple of late payments this year so basically nothing major but obviously not good enough for NW, am i better off renting a house somewhere and waiting for a few years?

_Andy_

You'll struggle to find a 95% mortgage with any adverse credit.

Aside from that, with house prices falling, you'd be in negative equity very quickly so almost certainly you'd be better off renting.

lisyloo

am i better off renting a house somewhere and waiting for a few years?

Yes, YES, YES

http://www.housepricecrash.co.uk/
This site is quite biased but the graph is pretty accurate.

Wait, save up.
Start reseraching theone-off costs you'll have - mortgage fees, legal costs, removals, stamp duty etc.