Experian & House Buying

leemuddywaters

Hi All. I really hope you can be of some assistance. I recently checked my credit score through experian which was 805. I am currently living in private rented accomadation with my fiancee. We have a joint income of around 50k. Our landlord has recently offered to sell us the house direct for 180k which we hope to do after we are married in six months. My credit report is showing as fair due to a couple of defaults a few years ago when I was travelling in New Zealand.

Does it help going for a joint mortgage?

Thanks

naijapower

How old are the defaults?
Amount?
Current status? i.e. satisfied or not
How much deposit can you afford for this property?

leemuddywaters

Hi Naija

Defaults are around 4years old, one is satisfied and the other an egg loan currently sitting at £2500 originally £4000 I am paying off at the moment.

There are only two on credit report the captial one which is settle was only for £200

I have very little outgoings and we have a joint salary of 50k and will be looking for a joint morgtgage probably this time next year. Deposit round 5k.

Thanks

naijapower

Thanks. You would struggle with 5K deposit. The entry point now for most mortgages is 10% deposit which in itself is even scarce.
15% should be your minimum target especially based on your defaults.
Your 5K deposit only amounts to 10% of a 50K house.

Dinah93

With a salary of 50k between you you should be able to save up the required deposit over the next 12 months, to get the 10% minimum (please be aware the rate on this is NOT good, you really should be trying to get a 15-20% deposit), but over 12 months that's £1000 a month into savings to get the minimum deposit.