Will I get accepted for my mortgage?

sarahc8231

Im planning on applying for my mortgage next month. Im a first time buyer earning around £25,000 a year. The houses Im interested in range from £70,000-£80,000 and I have my 10% deposit.I have a stable job which I have been in for the past three years. Debt wise I have never made any late payments and have only my loan for my car outstanding at a balance of just over £2000. I have a credit card in my name with no balance and a catalogue account with no balance. I also have a mobile phone contract which has always been paid on time. My credit score with experian falls in the good category, just under 900. The reason Im worrying myself stupid over getting declined is that earlier this year, in April, I got declined for a loan which I applied for. This was to pay off my other loan and get a new car but I got declined which has rocked my confidence. Has anyone got any advice?

poppy10_2

Seems like you should have no problem getting the mortgage you want. Have you checked out why you were refused the loan? It could be something as simple as not being on the electoral roll or a name misspelling

BULLNOTBEAR

I don't think you will have a problem. Many applications for loans have been refused over the last year due to tight credit conditions. You may have applied for one of the best loans on the market and got declined because only a small number of borrowers satisfied the strict crieria.

I would urge you to make sure you can afford the repayments now and in the future if rates increase in by a couple of percentage points. Please make sure you can afford the ongoing commitments of paying for council tax, gas, electric, water, additional insurances such as building and contents, life and critical illness and possible income protection.

The only other point to consider is that a 10% deposit will not get you the best rate available and saving another 5/10% deposit may be worth considering for a better rate and lower mortgage debt that may be more manageable in the future. This obviously depends on whether you are renting now and if you can save more deposit in thye next year or two.

I hope this helps.

Let me know if you need any further help.

herbiesjp

Many applications are being declined due to the way addresses are being input as well

If the address input, does not match the way it is showing on your credit file, and/or electoral register, their scoring system may not be bale to find you and therefore get either a low score or no score at all!

Limited options at 90% borrowing, but you should easily be able to get one agreed based on the posted information above