Help First time buyer/bad credit

lsfkingy

Hi Im needing a little help and advice on my situation...I seem to have bad credit because when I was younger never payed phone bills/credit cards on time. I now have a really good job, earn a really good wage and have around 30k in savings. I have no bills/credit card loans etc but would like to get on the property ladder. Will my bad credit affect me in getting a mortgage? Will I even get one? If I do get one will I be paying extra because I am seen or has been seen in the past as a risk? I don't know a great deal abou how lenders work and any advice would be much appreciated.

sulphate

This isn't a simple yes/no question. You will be seen as a higher risk for a lender to lend to compared to someone with great credit. It will also depend on the lender, how long ago your late payments were, your salary, affordability/other financial commitments, and what your loan to value is like - someone with bad credit is more likely to get a mortgage if they have a 20% deposit whereas with 10% they will find it more difficult.

Dave_Ham

Hi there,

It is hard to comment without more detail, not paying on time may not be a huge issue so long as not loads and not over 1 month late.

You need your Experian, Equifax and Call Credit reports to assess what has been recorded.

Then a broker will quickly be able to determine your solution.

Good luck