Defaults on Score with 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 have 2 defaults and a couple of missed payments but have paid off all my credit.

I would appreciate any help on this matter!
D

Kacsa99

Your situation is very similar to the one I was in 3 years ago. Times have changed a little I suppose but I was able to get a mortgage without too much trouble. I just had to be prepared to go a little sub-prime and accept that the mortgage would cost me more. Where interest rates are right now means you may do a little better than I did. Alot depends on your LTV. Have a chat with a good all of market broker and they should be able to help you.

dsavin

Kacsa99 wrote: »

Your situation is very similar to the one I was in 3 years ago. Times have changed a little I suppose but I was able to get a mortgage without too much trouble. I just had to be prepared to go a little sub-prime and accept that the mortgage would cost me more. Where interest rates are right now means you may do a little better than I did. Alot depends on your LTV. Have a chat with a good all of market broker and they should be able to help you.

Thanks for your imput - does salary make much of a difference. Its comforting to know that you have been through the same situation. What is LTV (excuse my ignorance).

Im on 26300 a year and a member of the armed forces, do you think that will work in my favour due to the reduced risk of reduncancy

Did you have the same amount of default accounts? Also was it a joint application because i have heard it can effect that? I dont mean to pry

Many Thanks

beecher

I think you're going to have real problems with 2 defaults as well as missing payments. How recent are they? Things are very different from 3 years ago. How much is your deposit?

dsavin

beecher wrote: »

I think you're going to have real problems with 2 defaults as well as missing payments. How recent are they? Things are very different from 3 years ago. How much is your deposit?

Were going to put down 10% Most recently a few months ago.

When you say real problems, do you mean not being able to get a mortgage or likelyhood of going to a specialist broker

Thanks

beecher

From what I've read on here, only people with squeaky clean records are getting 90% mortgages but since that's 3rd hand information, you should go and see a mortgage adviser for real advice. I think that since your default is only from a few months ago that you have zero chance, but again, best to see a professional. I'd do it soon so as you know what sort of time period you're looking at if you have to wait for the defaults to disappear from your record.

Also, make sure you never miss a payment or default on anything again!

dsavin

beecher wrote: »

From what I've read on here, only people with squeaky clean records are getting 90% mortgages but since that's 3rd hand information, you should go and see a mortgage adviser for real advice. I think that since your default is only from a few months ago that you have zero chance, but again, best to see a professional. I'd do it soon so as you know what sort of time period you're looking at if you have to wait for the defaults to disappear from your record.

Also, make sure you never miss a payment or default on anything again!

Oh my defaults are from 4 years ago, my last missed payment was from christmas. I should have been more specific.

herbiesjp

You may have a very slim chance, but it depends on how well you come out on the lenders scoring systems

Ideally you would also have a bigger deposit

dsavin

herbiesjp wrote: »

You may have a very slim chance, but it depends on how well you come out on the lenders scoring systems

Ideally you would also have a bigger deposit

How bigger deposit do you think that i should have?

herbiesjp

As big a deposit as you can raise.

Even then there are no guarantees of the mortgage being agreed

As beecher says above, you should probably talk this through with an adviser in greater detail