Advice on first Mortgage...

leeves

Hello, Long time reader, First time poster...

The current situation is that I am looking for buy my first house. I have seen what I beleive to be the perfect place on the market for £124,995...

My question is as follows:

Can I get a mortgage? / What are my chances / options.


Deposit amount: £35,000
Salary: £19,500
Avg Bonus per month: £400 (avg over the last 12 months)

I currently only have an overdraft (£3,000 max - sitting at -£2,500), 2 x mobile phone contracts (£35 /month) - I have never been over my overdraft limit and never missed a payment on the phone contracts.

My credit score is rated as "very poor" (505 at credit expert), Im in the process of getting on the electoral role for my current address and have been registered at places in the past, and the only other negative thing on there is a late payment to British Gas (£129) which was late by 2 months and is settled. So not entirely sure why its rated so poorly?

I also beleive I am entitled to circa £400 a month in child tax credits and working tax credits which I am in the process of claiming (not sure if it can count towards a mortgage).

I have 1 dependant and my partner (who has no income - house wife)

I need to borrow £90,000, What are my options / chances etc etc.... Any and all advice would be appreciated.

Regards
-Levi

leeves

Hope somebody can help

ACG

Have you had a letter to confirm you will be in receipt of the tax credits?

With some lenders it might be cutting it tight, with others this will go through. I cant see you having a major problem getting a mortgage.

You have 2 options really, go on to lenders calculators and have a play around or speak to a Mortgage Advisor to get them to do the leg work for you.

leeves

Thank you, The calculators all say I can only borrow up to £80,000 - Im more worried about my poor credit score than anything else?

ACG

Forget the scores given to you by the credit agencies.

You have a healthy deposit, unless the 2 late payments are in the last 6 months or so i wouldnt worry too much.

leeves

They are from 3 months ago, It was the final payment to them, Just one payment, however it was two months late (due to us not knowing we owed them anything)

ACG

In that case, i would probably go and speak to a mortgage advisor.

You should be able to get a mortgage but the last thing you want to do is apply to the wrong company as it will have an affect on your credit score.