Chances of getting mortgage?

pulla0

what are the chances of getting a 'good value' mortgage in the following scenario..

earn @ 40K per annum
want to buy house for @145K
have 15% deposit

current experian score of 811

some previous defaults, but most older than 3 years ago (1 more recent now satisfied, last update 6/6/2010)
a previous ccj satisfied since 1/5/09
squeaky clean credit record since.. 1 credit card (always paid on time) 1 store card (always paid on time)

should I wait longer before applying, or won't that make any difference?

all opinions appreciated!

drummer_666

pulla0 wrote: »

what are the chances of getting a 'good value' mortgage in the following scenario..

earn @ 40K per annum
want to buy house for @145K
have 15% deposit

current experian score of 811

some previous defaults, but most older than 3 years ago (1 more recent now satisfied, last update 6/6/2010)
a previous ccj satisfied since 1/5/09
squeaky clean credit record since.. 1 credit card (always paid on time) 1 store card (always paid on time)

should I wait longer before applying, or won't that make any difference?

all opinions appreciated!

i think you will get a mortgage, it's just at what interest rate. it'll be higher than people with good credit history

talk to a broker! they'll give you advise and won't have to pay anything until you get an offer on house accepted and want to apply for a mortgage

pulla0

thanks, any idea what sort of interest rate I'd be looking at? This would be for a repayment mortgage over 25 years.

GAH

I would suggest speaking to your bank or broker that covers all of the mortgage market. Each lender will assess you differently.

You will get a better idea once you have done this, as they will need to take all of your outgoings and past history into account.

pulla0

thanks, yeah I am going to have to take the plunge sooner or later, just wanting to try and see if I would be wasting my time from minute one...

gazfocus

Sorry to say but I wouldn't bank on getting a mortgage with a credit history like that.

I went to see a broker early in the week to get a mortgage for £50k and was rejected due to a single default 5.5 years ago.

teffers

My partner tried to get a mortgage 2 years ago and they turned her down because of a late payment (an error) on her Shop Direct account.

Tried again last year and they agreed in principle to a £25000 mortagage (would have been using equity in existing house too to buy again).

This year, just as we finally have someone prepared to make an offer for the house, they change their minds as my partner is self-employed (for 8 years and doing well) and say no to the £25000 mortgage.

1 week later Lloyds TSB send a letter offering a bank loan of £25000 :mad:

So much for this !!!!!!!! about reducing their exposure to 'risky' debt - they're just using it as a way of charging an extra 8% for a bank loan instead of adding it to the mortgage, same lender, same applicant, same circumstances and same amount. !!!!ers.

So I would echo that I would be prepared for some less than good news if our experience is anything to go by.

Having said that ... good luck, really hope you are ok.

Angry_Bear

teffers wrote: »

1 week later Lloyds TSB send a letter offering a bank loan of £25000 :mad:

If the rate was the same I don't see the issue. You're just getting an offer for unsecured money rather than secured?

BitterAndTwisted

Defaults and a CCJ within the last six years is going to be a very serious impediment. I'd say you've totally scuppered your home-buying plans until about 2015