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first time buyers
francis25
Posts: 4 Newbie
Hi
me and my partner are first time buyers we have a deposit for the property. My partner has very good credit rating but mine isnt as good will this affect our application??
many thanks:j
me and my partner are first time buyers we have a deposit for the property. My partner has very good credit rating but mine isnt as good will this affect our application??
many thanks:j
0
Comments
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Yes...what's the problem with your credit rating?0
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I've had a few credit cards and still owe some on one. only recently swopped my bank account and our joint account to a different bank. We've found a house but just abit worried we're wont be able to go for it because of me!!0
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I've had a few credit cards and still owe some on one. only recently swopped my bank account and our joint account to a different bank. We've found a house but just abit worried we're wont be able to go for it because of me!!
Have you missed payments, defaulted etc?
Have you actually checked your credit record / rating?0 -
I've never missed a payment but i have paid late twice i think??
I had a quick look on the credit checker on here and it said average!!0 -
You may not have any problems then...have a look at getting your free experian report and make sure it's correct and nothing's missing.
A bad credit report could hurt your application, but an "average" one may not do any harm.
Do as much checking as you can, then you've just gotta cross your fingers.0 -
Having cards etc does not mean having a bad credit history.
The odd missed payment should be ok, anything more serious i.e. defaults, CCJs, bankruptcy will definitely affect your chances.
What is the purchase price and deposit you have? The lower the deposit, the tighter the credit scoring will be.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've never been bankrupt or court or anything like that due to payments. The property is 82000 and we've got 9000 as a deposit??0
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90% borrowing will have stricter underwriting, but you might be able to find a lender (although not many doing good 90% deals at present).
That is assuming your incomes are high enough to support the mortgage amount.
Do you have any children? What outstanding amounts do you have on cards and/or loans?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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