Credit Score Effect On Mortgage

dsavin

Good Morning,
I have a quick query, something which has been playing on my mind a little bit for the past few days...
I am a first time house buyer and am about to get some advice on mortgages - i have checked my experian report and my score is 650 ish. I was wondering what kind of effect this will have on the potential mortgage i could be offered?
I am buying with someone else.
Would my salary be able to help me at all?

I would appreciate any help on this matter!
D

Bambywamby

Most companies use their own credit scoring, different companies look for different things.

Read this, you will get a better idea...

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

Good luck with your mortgage hunting,

Bam x

dsavin

So does that mean it wont be a problem?

Thanks for the reply btw

~Beanie~

dsavin wrote: »

So does that mean it wont be a problem?

Thanks for the reply btw

It depends what it is that is causing your score to be at this level. Are you registered on the electoral role? Do you have any late payments, defaults or CCJ's against you?

dsavin

I have 2 defaults from 4 years ago and a couple of late payments. Im not in debt anymore, have 2 credit cards and have savings. Im registered on the electoral role

Thanks

~Beanie~

The defaults and late payments will definately have an effect on getting a mortgage I'm afraid. It may not stop you getting altogether but you will probably pay a higher rate.

You maybe better off posting this on the Mortgages board.