Would a mortgage lender accept this size desposit, income etc...

FREEISBETTER

I've just been reading all the great advice on this section and was hoping someone could through some my way.

I'm looking to take my first step on to the property ladder. My income is £25000 secure local authority job and I have a £15,000 deposit saved. My parents can lend me another £10,000 making a total £25,000 deposit.

I don't know my credit score but I know I missed some rent standing orders to my landlady 2 years back which will probably have given it a kicking. Can I check my credit rating online without affecting my credit rating - does checking it affect it?

I'm looking at properties around the £150,000 mark so need a mortgage of about £125,000. I also have money put aside for fees etc..already. Would a mortgage lender accept this?

jamtart6

probably just a little too high, I reckon you could get about 100k these days.

FREEISBETTER

Okay - I was hpoing for a bit more then that!

Does checking my credit rating negativly effect it? Where can I check it, experian?

Cazza

Yep, I'm with Jamtart, I think you're pushing it a little bit. 5x income always used to be aimed at those on fairly high salaries anyway. Have you looked at what the repayemtns will be? You might well decide that a £125,000 mortgage is too much anyway when you see them!

Cazza

FREEISBETTER wrote: »

Okay - I was hpoing for a bit more then that!

Does checking my credit rating negativly effect it? Where can I check it, experian?

No, you checking your credit rating won't affect it - there's two different types of search. This is a soft search and therefore won't leave a footprint to say you've been checked.

Not sure what this site reccomends, but if you go here http://www.creditexpert.co.uk/ you can get a free trial from Experian, just remember to cancel it!

emmalita

FREEISBETTER wrote: »

Okay - I was hpoing for a bit more then that!

Does checking my credit rating negativly effect it? Where can I check it, experian?

I hope it doesnt as i check mine every month! I do mine with checkmyfile and if i remember rightly it just comes up as footprints which they say has no effect on your file.

FREEISBETTER

Okay - checked on Experian and credit score is excellent:j

Does that actually make a huge difference? Am I more likely to be able to get a higher mortgage?

jamtart6

not really...if you had 2 incomes e.g a partner, you would likely get £120k no problem. Go and buy a wife!

anniecave

payments (or missed payments) to a private individual wouldn't show up on your credit report anyway