first time buyer advice

cg44 · 23 February 2010 at 4:32PM

i am currently saving for a house with partner, we have around 9000 and saving 700 a month. we hope to buy a house for about 85000 and have around 11000 for deposit. i have a credit score of 680 but no default or late payments, is this unusually low?my partner has never had a late payment an good credit. our total monthly commitments are bout 100 with 60 being phone bills - which i feel is pretty low and no credit card, with annual income of 34000.

are we likely to get a mortgage and what lenders products can u reccommend?

maddison-white · 23 February 2010 at 5:17PM

You should be able to get a morthgage on the criteria you have given, if you can afford it I would suggest a repayment mortgage (probably paying about £430 - £460 p/m) I would also suggest you talk to 2 or 3 brokers who are whole of market, not ones who work from a panel of 7 or 8 lenders!

I am a mortgage broker and am giving an opinion not advice

cg44 · 23 February 2010 at 5:23PM

thanks you for your reply.

wat bout my credit score only being 680, i cant understand why its so low, i have missed a few direct debits but only ever by a couple of days and not for a couple of year when i was at uni. will this have an impact on my ability to borrow? thanks

flammable999 · 23 February 2010 at 5:30PM

cg44 wrote: »

thanks you for your reply.

wat bout my credit score only being 680, i cant understand why its so low, i have missed a few direct debits but only ever by a couple of days and not for a couple of year when i was at uni. will this have an impact on my ability to borrow? thanks

not that credit scores mean much it seems, there must be more than meets the eye in your case. have u made a lot of searches recently? how long have you been on electoral roll and what percentage of ur available credit are you using? all these affect your scores. i have 2 defaults from 2008 and months of arrears before that while at uni and have a score of 819 somehow so it shoes you how its swings and roundabouts. sometimes i reckon they just generate a number randomly!

maddison-white · 23 February 2010 at 5:32PM

probably won't have too much impact, you could get a credit card and use it for say £50 per month and pay off in full every month, after 6 months you can stop using it but it shows an ability to pay!!

I am a mortgage broker and am giving an opinion not advice

cg44 · 23 February 2010 at 6:07PM

yeh in regards to credit scores thats what scared me, although i see a lot of people with high scores being declined on here so thought i would check, thanks for your answers.

also i think i will take your advice an get a credit card to pay off in full every month