chances for first time buyers

pearson27

Hi.

My wife and I are looking for our first mortgage.

We both have two defaults each which are all settled and totalled leas than 2000 altogether. They are all over 3 years old.

We have a 10% deposit and we would want a 90% mortgage.

What d you think our chances will be .

I'm not looking for patronising responses about debt management so please don't waste your time.

ACG

If you had a 15% deposit there would definitely be options. At 90% there could still be the odd lender who may accept it but it will come down to the credit score and the application as a whole. If everything else is a good case then you may get it through.

When were they satisfied?

Dave_Ham

Just to add, critical you get your Experian, Equifax and Call Credit files and do not just rely upon 1 credit reference agency.

Get these to your broker and they will be able to determine more.

As stated above, 85% and a clean rest of case or at 90% crucial what those files look like individually..

All the best

pearson27

My wifes were settled years ago and are due to drop off her credit file. My 2 were settled this year. Our experian files show as fair and good. Some banks did say it was worth considering

ACG

Which banks?
Was it their sales people who said that? They have nothing to lose by telling you to give it a try, you potentially have the risk of lowering your credit score making a difficult task even harder.

Personally i would speak to a broker, they will have an idea of which lenders will accept it and can at least give this a chance of going through.

pearson27

Think it was Halifax and the nationwide. We are speaking to a broker and she has a lender in mind to suit us. Just don't want to rely on one lender

pearson27

would checking another credit reference agency also lower my credit file?

Blondygirl

Hi,

Best to get all 3 of your credit files for the broker as they don't always say the same. Although requesting your files leaves a mark, it's a soft print I think they call it, which means only you can see you have requested them.

pearson27

Has anyone experienced a similar situation and done ok

_Andy_

pearson27 wrote: »

Has anyone experienced a similar situation and done ok

Whether others have or haven't isn't relevant and isn't going to help you.
There are many variables with mortgages and other people's cases aren't going to be comparable.

kingstreet

pearson27 wrote: »

would checking another credit reference agency also lower my credit file?

No. Request your credit file from all three CRAs, so a broker can see where the damage lies. This can be very useful in avoiding some lenders and being more positive about others.