Joint Mortgage Application First Time Buyer!

rwatkins1990

Hi,
Just a quick summary of my situation. I have been offered a property on a shared scheme at £102,250. Me and my girlfriend earn between us 34k.

We have a 11k deposit ready
(that's the good stuff over)

Bad stuff begins
I have a bad credit score due to these reasons

7 Negative factors
The age of your accounts indicates lenders are likely to view you as higher risk
You have recent missed payments on your credit report
You are not on the Electoral Roll as a current occupant at your current address.
You have revolving credit that has been open for less than 10 months.
You have no successfully settled non-mail order accounts.
Your borrowing on regular instalment credit has not reduced significantly over the last 12 months.
The value of your highest credit limit indicates a higher risk.

Actions I have taken to rectify these have been registering for the electoral roll, which comes into affect on 3rd of September which is no good to us because we need a mortgage in principal by 3rd of August

My overall credit score is 508
my girlfriends is non existent

Now the other issue I have is that it is showing a lot of credit being used 72% in fact. This will be none on the 1st Of August will this being updated in my credit report have a major effect on my score.

Any help is appreciated a lot seriously!

What are the odds of us getting a mortgage

Dave_Ham

Good chance with a good broker
Slim chance with a bad broker

Nothing on your report seems too criminal, just appears to be presented to an appropriate lender..

rwatkins1990

I have had two brokers on the case....

one said 6.59%
other said 3.99% both with Halifax

I am worried to be honest

Dave_Ham

I am worried about the variance between the 2, both with Halifax.

I suspect one knows what they are doing and one not...

Halifax are the most flexible of the mainstream lenders...

rwatkins1990

A)one said 6.59%
B)other said 3.99% both with Halifax

A or B knows what they are doing?

chilli_red

A knows what they are doing from the sounds of it

Dave_Ham

I confirmed the same directly earlier, although currently 6.49% - not market leading but another 5% deposit makes a big difference

rwatkins1990

What would the difference of 15% deposit do?

Dave_Ham

Thanks for answering previous question, thats ok happy to wait for your next one......

4.99% and then with 25% deposit 4.59% and no product fee

rwatkins1990

Sorry thanks for all the responses it's gonna help me immensely so I appreciate it

rwatkins1990

Does anyone know how much of an affect clearing all my debt will have on my credit report...

currently I have 72% being utilised how much will 0% improve my score?