Adverse Credit Mortgage Deposit

SentryE3D

Hi All,

I am looking for some guidance on the amount of deposit required in order to gain a mortgage at the moment. My partner and I are hoping to buy a new build house at circa £189k. She has a near perfect Credit Rating of 996 on Experian, However, mine is not so perfect as I had a few defaults on small accounts over three years ago. My Credit Score is currently 962 on Experian and all Accounts have been satisfied quite a few years ago. Our current Mortgage provider, NatWest is not proving particularly helpful and although they initially approved our application for a 95% New Buy Mortgage, it would appear that it was rejected by the underwriters. Our current Salary is £52K although this is expected to rise significantly in September. Any help that anyone can offer would be greatly appreciated. Hitting despair here and obviously do not want to put in loads of credit applications.

Kind Regards,

ACG

Your not in a great position but i dont think its extremely bad.

I think you will struggle with a 5% deposit though.
I think you will need atleast 15% really if not 20%.

SentryE3D

Hi ACG,

Many thanks for the reply.

A 15 or even maybe 20% deposit may well be possible through our family. But clearly we are worried about submitting another application without guidance. I appreciate the 5% is something to forget now.

David

ACG

Appologies, i missed the bit about it being a new build....that might make it a little more difficult.

Youve got your credit reports which is a good start.
There are lenders which by what you have said look like they would accept you.

I would make an appointment with a Mortgage Advisor. Take yoru credit reports with you. Atleast then they will know exactly what theyre up against and will be able to make a suggestion based on the facts.

I think you stand a fairly decent chance.

SentryE3D

Thanks for that,

I know the New Build thing is an issue however, that is the house that we have made an offer on based on NatWest agreeing the Mortgage before we made the offer. We are happy to increase the Deposit if necessary but clearly don't have endless funds.

We have appealed to NatWets and they are looking at it at the moment with their Senior Underwriter but we are not holding out much hope for this. We have stated we can increase the Deposit to make it work. I appreciate that the financial issues in my past are solely my fault but they were minor in comparison and we are battling to get back on track and have been Squeaky clean for a number of years now.

Regards,

SentryE3D

We are hoping that a 15 - 20 % Deposit shall be enough as that is our maximum limit at the moment. We are hoping we can locate a Sympathetic Lender soon.

Thrugelmir

You say defaults 3 years ago.

What do you classify as small?
When were they settled?
Do you settle by an installment plan or lump sum?

SentryE3D

Hi

The Defaults were 3 between £666 and £33. They were all settled in single payments. They were settled all over between 3/4 years ago.

Regards,