We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
poor credit rating but big deposit is it possible ?
jazzypinkpuppet
Posts: 321 Forumite
Hi,
We are considering moving home we don't have a mortgage at the moment (we own the house outright) approx £180,000 going by other recent house sales on our road. Houses in the new area are in the region of £210,000. (it's near a school we are considering for our son)
So we would need a mortgage for the shortfall.
Ok so we don't have a great credit rating, (no cjjs or defaults though). Do you think with such a huge deposit we would be ok getting a mortgage or are mortgages hard to come by with poor credit ratings these days ?
Kind regards
We are considering moving home we don't have a mortgage at the moment (we own the house outright) approx £180,000 going by other recent house sales on our road. Houses in the new area are in the region of £210,000. (it's near a school we are considering for our son)
So we would need a mortgage for the shortfall.
Ok so we don't have a great credit rating, (no cjjs or defaults though). Do you think with such a huge deposit we would be ok getting a mortgage or are mortgages hard to come by with poor credit ratings these days ?
Kind regards
0
Comments
-
What makes your credit rating poor?
What income(s) do you have?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 -
A poor credit rating can be caused by many factors. Have you identified the issues on yours?0
-
Well for my husband it is lack of credit, the only credit he has ever had is his phone.
For me I have had two late payments on two credit cards because I forgot to change my bank details over when I changed banks. I also at one point had a lot of credit which has mostly been paid off now and never missed payments etc apart from the two late payments mentioned above.
Between us our income is £30,000. I only work part time around the children.0 -
Get copies of your credit files from Experian, Equifax and Call Credit. Get them to a broker and see what can be done. Can't see there being an issue based on info givenI 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards