Mortgage with my credit rating, HELP!!!

tuhin23

I wish to obtain a mortgage in this current market in September. I am buying flat of my mother which has been valued at £170. They will sell to me for about £140,000. Meaning I will need a small cash deposit, if they consider the discount from my mother.

However I am worried I will be rejected, I have very little in terms of credit history. The oldest account on my credit file is 2 yrs old.

The Equifax has 8 accounts with a credit score of 430 (good) out of the 475+

The Experian has 4 accounts with a credit score of 879.

Will I find it difficult to obtain a mortgage at the most competetive rates?
I dont want to start applying and effecting my credit file / history if i am likely to be declined... I dont trust what these brokers are telling me...

Thank you all in advance for any advice.

thriftymomma

A broker is surely going to know more than people on a forum, I would hope. What you don't mention is your income to mortgage value? On affordability, it may be best to enquire with your own bank. Good luck and do let us know the outcome.

Simon_gloster

tuhin23 wrote: »

I wish to obtain a mortgage in this current market in September. I am buying flat of my mother which has been valued at £170. They will sell to me for about £140,000. Meaning I will need a small cash deposit, if they consider the discount from my mother.

However I am worried I will be rejected, I have very little in terms of credit history. The oldest account on my credit file is 2 yrs old.

The Equifax has 8 accounts with a credit score of 430 (good) out of the 475+

The Experian has 4 accounts with a credit score of 879.

Will I find it difficult to obtain a mortgage at the most competetive rates?
I dont want to start applying and effecting my credit file / history if i am likely to be declined... I dont trust what these brokers are telling me...

Thank you all in advance for any advice.

You have just contradicted yourself. If you exoext to get advice from people don't slag them off.

Personally, If your buying at undervalue, lenders will take the price at which you buying not the actual value of it. Therefore you would need minimum 10% of the agreed sale price £14K. On hi basis you would eligable for a 90% mortgage. It will not be based upon the £170. though I'd give you hinter there though.

_Andy_

tuhin23 wrote: »

I dont trust what these brokers are telling me...

1) Why not?
2) Why speak to brokers to begin with if you don't trust them?

tuhin23

sorry if I pee'd of any brokers on here. I read on here someone made an enquiry and she had 14 searches against her credit file and all she made was an enquiry. Sorry chaps.

Getting back to my issue.

I have a 35k basic salary. I have been told by a broker he could get me a mortgage via undervalue sale meaning I would not need a deposit or very little, is this correct? do these products exist?

Finally is the credit score sufficient to get a mortgage or should I wait for another 9 mths for my credit score to increase?. It has been steadily increasing by around 10/15 points a month.

Should I get a loan to add to my number of account on Experian?