chances for first time buyers

pearson27

Do any lenders look favourably in this situation?

kingstreet

Not possible to say without a full picture and that's why you have a broker. Putting all three credit files in front of them will improve your chances.

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

Do not pay for these alleged credit scores the CRAs come up with. They are no help in your situation.

pearson27

yeah look at experian and equifax and both were the same. but do banks give people with low value defaults mortgage?

Dave_Ham

We are going round in circles a bit..

From the facts provided to summarise

I believe you would achieve a mortgage with a 15% deposit based upon the information provided.

I do not believe you will get one with 10% deposit, although given they are over 3 years old and not huge value and you as 2nd applicant you have a shot. It will be down to lender selection and the overall score card of the case. I would put your chances at 50-50

Depending upon which bank, you may be better to approach your existing bank where you wages are paid into

Get all 3 credit files as this may provide more information on lender selection

Speak to a broker or get lucky going directly.

No-one on here is going to say, go to x bank you are likely to achieve a mortgage

Lastly, when you walk into y bank and ask if they are likely to give you a mortgage based upon your situation; they will almost certainly say yes. They only have their products, not equipped to understand the finer details of credit profiling and quite possibly targeted by applications and not completions.

Furthermore, if they start talking cobblers about appealing to underwriters etc. they do not have this authority in branch.

Good luck

pearson27

or which lenders leave a soft footprint on your credit file?

pearson27

dave - not a bad answer

thank you

pearson27

one more thing - "2nd applicant" can mortgages be applied for in that way - where the stronger person is looked at first

Dave_Ham

pearson27 wrote: »

dave - not a bad answer

thank you

We aim to please...

Given your credit position, would not risk the soft print and achieving any AIP will be useful.

Typically a soft print will check the last 3 years and current addresses at which point you do not want to have an offer accepted and declined at application stage when they do the hard check.

Thrugelmir

pearson27 wrote: »

yeah look at experian and equifax and both were the same. but do banks give people with low value defaults mortgage?

A default is a default, it's the principle that's important. How long the account was in arrears or remained unsettled will also impact the lenders scoring of you.

pearson27

Or would I be better off with a 75% mortgage under the help to buy scheme

Thanks everyone so far!!