Bad credit but need a mortgage!!!

wayne5393

Me and my girlfriend are going to see the mortgage advisor on the 3rd June to see how much we can bowwor on our current wage. I have bad credit from a few years ago and im paying it back with small payments every week. She has great credit and we have around £4000 deposit saved up at the moment. Will my bad credit affect our chances of a mortgage? or will they take in to account that my girlfriend is has good credit?

Any help is much appreciated

Thanks, Wayne

beecher2

If you're still in debt then that'll be taken into account. What do you mean by bad credit - do you have missed payments on your credit file?

A £4,000 deposit means the maximum mortgage you can get is £36,000. Is this enough to buy anything where you are? And do you have money saved for fees?

powerwin

Before offering you a mortgage, lenders will look at your credit file to assess what level of risk you represent to them. If you have missed payments in the past, then lenders won't like that, and it will affect your mortgage application chances.

At the moment though, it just sounds like you need to keep saving for a bigger deposit.

Rgds

Thrugelmir

You (personally) should be clearing the debt owed rather saving for a deposit. Small payments every week doesn't suggest that you are making a real attempt to clear the debt. Something that lenders will consider when processing your application.