First Time Buyer Advice

danny8960

Please can anyone offer some advice as to the success rate of me getting accepted for a full mortgage application (have been accepted in principle) based on my financial credit report status:

Current
credit card: £1500 couple of missed payments
Store Card : £499 default, can be cleared prior to mortgage application
Communications: £399 missed payments, can be cleared prior to mortgage application

Previous
4 Number communications defaulted - All balances cleared (back in 2006)
Credit card: defaulted - balanced cleared

My credit rating currently stands at approx 370. Currently waiting for my electoral registeration to go through which may effect my credit as at the moment I am not registered.

Mortgage is to a value of approx £100,000

_Andy_

Really isn't any point in anyone on the forum speculating.

VIGILANT22

So you already have a decision in principle?!....which lender?

danny8960

_Andy_, what do you mean by your comment?

I am awaiting formal confirmation of my decision in principle as there has been a couple of changes since my last application (nothing that should effect the decision) therefore I would rather hold off till the end of today to release the name of the lender.

Anyone got any thoughts as to any possible success on a full mortage application???

milliebear00001

I'm no expert, but have to say, if you've declared all those defaults on your DIP form, I'm very surprised you've had it approved. You would appear to be 'sub-prime', and the harsh reality surely has to be, in this climate, most lenders would not approve a mortgage for you simply because you have a poor history of managing credit.

Conrad

It is useual for lenders to decline such applications unless your'e applying to a sub prime lender, but even then they have to demonstrate the loan is sustainable and responsible, but any underwriter might have a tough time demonstrating that where an applicant has not been able to sustain relatively minor credit agreements to the letter (ie paying on time in full just as you expect people that owe you money to do, such as your employer).