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Mortgage products - bad credit?
shonzyd
Posts: 303 Forumite
hi, im awaiting my credit report at the moment but wanted to know if the worst case scenario happened and my report came back poor, is it still possible for me to get a mortgage as im looking to buy a house (first time buyer)? Also some advise on where to start with getting a mortgage would be appreciated, i dont want to go to high street lenders for advise.
Thanks
Thanks
Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:
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Comments
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Make sure you get Experian, Equifax and Call Credit.
You are looking for missed payments, defaults, CCJ's
Do not worry about the score or comments; let us know on here or give the reports to a broker and they will be able to talk to you about options.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 shouldn't be seen as financial advice.0 -
It depends what you have and your deposit percentage wise.
Its usually possible to find someone who will lend, but if you have a 10% deposit and 2 defaults from last month then the answer is most likely no.I am a Mortgage AdviserYou should note that this site doesn't 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 shouldn't be seen as financial advice.0 -
thanks for the advice. just to add i have a couple of defaults but these are from about 5-6 years ago. only one missed payment about 18mnths ago, no ccjs or late payments.Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
What are the exact dates of the defaults?
Will depend upon deposit as a % of purchase price (loan to value) what options you will haveI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 shouldn't be seen as financial advice.0 -
i havent got my report back yet but at a guess they were about 2006. they were all fully cleared at that time too, so ive no oustanding debts. My deposit will be 10%.Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
Defaults and CCJs (whether satisfied or not) drop of your Credit profile after 6years (give or take a couple of days) so if theyre from 2012 then they wont show on your report.
I had a default from 22nd Oct 2006 and on 24th Oct 2012 it dropped off my report and my score shot up...not that those scores really mean anything.0 -
thanks i have checked an old report and the last one should have run out on 6/12/12 so i should be ok. Havent really applied for credit since, ive got a mobile phone contract and a credit card - thats it. i had a late payment on my credit card about 14months ago, which i paid a day late??? not sure if that they will be on there. but other than that i cant see there being an issue. no matter what my credit situation my experian score always seems to be poor. does their score mean anything? (ps still awaiting my report)Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0
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