Mortgage Advice

blueberrypie

PerpetuallySkint wrote: »

when myself and my partner come to apply for a mortgage, is it possible to know which CRA each uses? as ive listed above, i have a far better score with experian that any other.

The scores don't mean anything - they're just a money-making exercise for the companies who produce the credit reports. What is reported to the potential lender is the *details* (not the scores) on the credit report, and each lender has its own method for determining whether it will lend to you or not. Some lenders will put a lot of emphasis on previous defaults, others won't.

The best thing for you to do, given that some lenders *will* refuse to consider you, is to speak to an independent whole-of-market advisor. A good mortgage advisor will know which lenders are more likely to consider your case and which won't, and therefore increase your chances of getting a mortgage, as well as avoid unnecessary credit searches.

xyellowx

with 3 defaults a 20% deposit and a credit card each you may well get a mortgage but you will pay through the nose for it
get the deposit up to 25% and look at clearing what you can off your credit report
would go to a independant mortgage advisor when your ready they will target a lender more relaxed than others

PerpetuallySkint

xyellowx wrote: »

with 3 defaults a 20% deposit and a credit card each you may well get a mortgage but you will pay through the nose for it
get the deposit up to 25% and look at clearing what you can off your credit report
would go to a independant mortgage advisor when your ready they will target a lender more relaxed than others

ive tried searching the net to find a typical subprime rate and i cannot for the life of me find any.

does anyone know what its likely to be. obviously if its 6+% myself and my mrs will have to rethink the time frame of our house buying, or the size and value we have in mind.

xyellowx

think you will be looking 6.5% plus