fair credit rating

sibod2002

hi everyone,

i am looking to apply for my first mortage in the next few months so out of interst i checked my credit rating on experian. My rating is fair with a score of 812. I currently owe about 4k on a personal loan which will be paid in 16 months.i have never missed a payment or been late on anything and it says this on my profile.

Would mortgage lenders more likey turn me down or accept me for a potential morgage?i willhave a %15 deposit approx to put down.

Also it says i am not on the electorol role which is a disadvantage?

thanks in advance

Annisele

Lenders don't use Experian's ratings, they just use the information Experian provides. So, the 812 is pretty much irrelevant, but the £4k of personal loan is very relevant indeed.

Is there a good reason you're not on the electoral roll (i.e. you're not eligible to vote)? If not, get registered asap - it makes quite a big difference.

There's nothing you've said that suggests that lenders will definitely accept you, or definitely reject you - it depends on your income amongst other things.

thewinkshow

You need to get on the electrol roll

apart from that you should be fine, and there will be things available to you with 15% deposit, depending on the multiples/salary your looking at

Be careful, some of the Martin Lewis experts on here go a bit overboard preaching his mantra, they think everyone has 70k deposit and ZERO debt
back in the real world, most people have SOME debt, weather it be a car purchase or wedding e.c.t - its quite normal, the un-normal people are the ones who ever have any debt,stay indoors and try to save 3p a year by re-using bin bags - just kidding, but you get my drift, there should be something available for you with a nice 15% deposit providing you handle your finances well, of course the 4k loan will lower the amount they will lend, but it isnt the end of the world like some suggest.
good luck

sibod2002

thanks, i earn around 24k a year and would probably be looking at a property between 100-125k as i am a ftb so i dont need anything to special just a somwhere i can call my own for the time being.just want to get onto the ladder.

I have printed off the electorol register application form and will send it off tomorrow. not sure why im not already on it.

thanks guys

thewinkshow

try to find out why your not on it - if you think you should be, there may be a error somewhere.

24k - salary multiple of x 4 with say post office is just under 100k

you also have 15% deposit so this is around 15k?

your credit score looks decent, with no problems with payments.

I think you will be fine looking at houses in the range you have mentioned.

your obviously not going to be rolling in dough, but its quite doable on those figures. dont let the martin lewis wannabes put you off.

85k mortgage 5 year fix with post office @ 4.55% should be around 450 per month