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How to improve my chances of getting a mortgage next year?
hoagie
Posts: 16 Forumite
Hi All,
I am hoping to get a mortgage next year, probably at the end of the year IF the market is a little more buoyant. I have three defaults but have a credit card which is being used sensibley and my credit rating seems to be OK. I have checked it through Equifax etc and it is rated as average, although this is only an educated guess.
I want to get a mortgage and am saving like crazy but how do I increase the chances of getting one? I am clued up on how to increase my credit rating but after hearing about Northern Rock planning to start lending again next year I thought maybe it is wise to start a savings account with them with a view to getting a mortgage through them next year?
The rationale is, if they know me (through a savings account) they are going to be more prone to accepting me?
Any thoughts?
Ben
I am hoping to get a mortgage next year, probably at the end of the year IF the market is a little more buoyant. I have three defaults but have a credit card which is being used sensibley and my credit rating seems to be OK. I have checked it through Equifax etc and it is rated as average, although this is only an educated guess.
I want to get a mortgage and am saving like crazy but how do I increase the chances of getting one? I am clued up on how to increase my credit rating but after hearing about Northern Rock planning to start lending again next year I thought maybe it is wise to start a savings account with them with a view to getting a mortgage through them next year?
The rationale is, if they know me (through a savings account) they are going to be more prone to accepting me?
Any thoughts?
Ben
0
Comments
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I think it should return to where you have a savings account where you have your current account and you build up a track record with the bank so they know you're not a looney spender.
I don't think at the moment it makes a difference...
The more you save the better your chances of getting a mortgage. And having a healthy savings account that you've saved regularly into is a good start.0
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