What should I expect my credit rating to be!

markalanious

Hello all, hopefully one of you will be able to give me a bit of info on my situation as follows...

I'm 31 years old, and for the first time, i'm thinking about getting a mortgage. I'm saving at the moment for my deposit, but have no idea if my credit score will be good enough.

The reason for this is that when i left uni in 2002 I went travelling for a year and amounted a sizeable debt on loans/cc's. when i came back i didn't get a job for a while and so struggled with repayments - as such i had a lot of late payments and had to go on a 'managed loan' with my bank - this was around OCTOBER 2003.

I've done my £2 credit report and the only things I can see on it now are my 'late payments' against one of my credit cards but nothing at all other than GREEN boxes AFTER december 2004.

So since i've been GREEN since december 04 and since i've paid everything else off (I now just have a small car loan still to pay off) and I only have one credit card now, which is paid off in full every month.

I also have a good job with a decent salary (>35k)

So there's the situation - but before I go to the bank and ask them, i wondered if any of you whizzes out there would be able to tell me if i'm likely to get a good answer from the bank or not?

Any help would be appreciated.

Thanks

M

climbgirl

It depends on how big your deposit is and how much you're asking them for!

markalanious

Thanks Climbgirl

Ok, well i'm looking around 150-160 mark with a 10% deposit.

My main concern is 'generally' have I been green long enough to expect that I should be ok. I know from looking around this site that all lenders are different, but I thought there might be a general level to which most borrowers would say yay or nay!?

jon_boy75

If you have a long and positive history with your bank, and no serious adverse credit in the last 6 years, you have a good chance.

Ask the bank to give you a decision in principle as it's impossible to know their internal criteria.

skint-student-nurse

Most banks who offer mortgages have a mortgage calculator on their websites. My OH and I went through several sites last night to see who would offer the most based on our circumstances and they did differ alot between banks,and it was as much as £20k difference. Its just a rough guide as to what they 'could' len you. HTH.

markalanious

Thanks guys!

I don't suppose anyone's on this site who works in the mortgage industry and can advise?

I know this post should probably be moved to the mortgages forum - mod?

eschaton

markalanious wrote: »

Thanks Climbgirl

Ok, well i'm looking around 150-160 mark with a 10% deposit.

My main concern is 'generally' have I been green long enough to expect that I should be ok. I know from looking around this site that all lenders are different, but I thought there might be a general level to which most borrowers would say yay or nay!?

For a £35k income, that is a lot to borrow. a 10% deposit will also mean a high interest rate.