Lowish Credit rating 60% deposit

Vicky1979

My Husband and I both have lowish credit scores around the 400 mark. I have a default that will drop off by the end of the year, my Hubby has the slightly better credit score.

We are desperate to move house and have seen 1 that we really both like on the market for £190000 etc... House is valued about 115,000-120,000 and we only have about 12,500 left on the current mortgage.

I have gone through our finances and established that we can easily afford up to £700 on a mortgage payment each month with still leaving a couple of hundred as "disposable income"

I suppose my question is What are the chances of us getting a mortgage?? And which lenders are best for granting people with lower than average scores?

kingstreet

I'd say subject to your incomes stacking up, you have a very good chance of getting another mortgage. Kensington is likely to accept you, so you could keep that as a back-up and try to get a high street deal to improve the rate.

Lenders don't want to know what a credit reference agency thinks your score is. It will want to know about any problems you've had, how much they were for and how long ago. The large deposit is the key to your move.

Knowing you have a fall-back, I'd avoid running around having credit checks done until such times as you have a firm buyer for your current home.