We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can I get a mortgage with a bad credit rating and 2 months of self employment?
Options
Letting_Hell
Posts: 6 Forumite
I'm guessing the answer is no, but there must be some companies that throw caution to the wind and lend anyway? I know I can keep up with the repayments.
0
Comments
-
What kind of deposit do you have?
What is bad about your credit rating?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I'm guessing the answer is no, quote
Bang on the button!
there must be some companies that throw caution to the wind quote
Should read in the past tense! That's why we're where we are at 2day!0 -
I dont have a deposit, but I earn over 2500 pcm and my partner earns over 2000 pcm, so can save up quickly. My rating is bad because I've had a 1500 overdraft for a good while. I've also been turned down for credit cards due to being self employed, I think.0
-
-
Having an agreed overdraft does not give you a bad credit rating.
Having no deposit means NIL chance of a mortgage
You will need somewhere around 20%-25% deposit
Get a copy of your credit file to check what shows on thereI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Having an agreed overdraft does not give you a bad credit rating.
Having no deposit means NIL chance of a mortgage
You will need somewhere around 20%-25% deposit
Get a copy of your credit file to check what shows on there
Thankyou, doesnt it effect your credit rating when you obtain copies?0 -
No it does notI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
-
Letting_Hell wrote: »I dont have a deposit, but I earn over 2500 pcm and my partner earns over 2000 pcm, so can save up quickly. My rating is bad because I've had a 1500 overdraft for a good while. I've also been turned down for credit cards due to being self employed, I think.
No it will be for other reasons. As stated you really need to see what is on your credit file.
Quite a few people in my family are self-employed including myself, and none of us have had problems getting credit when we made the switch.
Personally I would:
1. Sort out your credit file as http://www.moneysavingexpert.com/banking/credit-rating-credit-score
2. Clear your overdraft
3. Save for a large deposit
4. Then go and look for a houseI'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards