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FTB Morgage Chances & Deposit
Baz-c
Posts: 3 Newbie
Afternoon all,
What are the chances of me obtaining a 60K morgage with 4 settled defaults on my credit file. All defaults were 2-5 years ago and all under £500.
I am aware high street lenders are out of the question. so I am unsure about what deposit I will need. I have started to save already but i am pretty sure it will be higher than 10%. I would just like a some sort of target figure to save towards.
my current salary is £21,700
Regards
What are the chances of me obtaining a 60K morgage with 4 settled defaults on my credit file. All defaults were 2-5 years ago and all under £500.
I am aware high street lenders are out of the question. so I am unsure about what deposit I will need. I have started to save already but i am pretty sure it will be higher than 10%. I would just like a some sort of target figure to save towards.
my current salary is £21,700
Regards
0
Comments
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You will need a deposit of 25% unless the mortgage gods are in your favour with one particular high street lender. Trouble is defaults take an age to disappear from your credit file. But you should be ok with a 255 deposit with a number of Sub Lenders.I am a Mortgage Advisor. You should note that this site does not check my status as a Mortgage adviser, so you need to take my word for it. This signature is here as i follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldnt be seen as financial advice.0
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