Please help rate my FTB mortgage chances!

jaiye1985

I am looking to get my first mortgage and last week chose to take the advice of many folk on here and get the statutory credit report from Equifax for £2.

Based on the below data I would be grateful if someone could rate the chances of me being accepted for a 10% deposit FTB mortgage with Natwest/ RBS. I understand that this is quite hard to do over a forum but a general idea or advice on how to improve my acceptability would be much appreciated. The mortgage is a single application and RBS have said I should be able to borrow up to £160k.

Income: £38,000
Age: 26
House Value: £140,000
Deposit Saved: £14k
(Also have money for fees etc set aside)

Credit Card one: Open (Last 5 years)
Balance £0
Limit: £2300
Missed payments: 1 in October 2010, 1 in May 2009

Credit Card two: Open (Last 6 years)
Balance: £0
Limit: £3500
Missed Payments: 1 in September 2010

Car Loan: Settled April 2011 (Open for 3 years)
Initial amount: £11232
Balance: £0 as settled
Missed Payments 0

Personal Loan: Settled May 2010 (Open for 2 years)
Initial amount: £3000
Balance: £0 as settled
Missed payments 0

O2 phone bill: Open (open for 6 years)
0 missed payments

Credit card three: settled Jan 2009 (Open for 3 years)
Missed Payments 0

Current account:
Overdraft limit: -£2500
Current balance: £1000 in credit

Other Info:

Electoral roll: Yes
Resident at current address: 4 years
Current Job: 2 years

Thanks in advance

:j

somethingcorporate

Very good I would say, get yourself to a broker.

On your salary and at the house purchase price it shouldn't take long to get to a better deposit. If you can save hard and get to 85% - 80% - 75% the mortgage rates are considerably better.

DVardysShadow

Basically, you will have a problem if the lender is either

• picky
• computer says No

If they are just picky, you need to be able to explain the missed payments as incompetent with dates rather than incompetent with money. If you have a current account with NatWest-RBS, then provided the conduct of the account is good, you will probably be OK, particulalry if it is clear that you could ahve covered the payment.

But if the lender has automated decisions, then you may do better to make sure you have a clear year form your missed payments.

jaiye1985

Thanks for the reply guys! Much appreciated!:beer:

GMS

The missed payments will not help but there is a 90% product available from a lender who does not use credit scoring.

Go have a chat with a broker.

jaiye1985

Really a 90% lender that does not credit score? Any idea of rates or names?