How likely am I to get a mortgage ?

Miss_Marple_2

Hello - I am in the process of looking for houses and although I have an agreement in principle from Natwest, I wondered how likely I would be to actually get a mortgage due to previous credit problems.

I have a deposit of £100,000 and am looking for a mortgage of £65,000. ( deposit is from an inheritance)

I earn £38,000 and have credit card debts of approximately £8,000 & no loans. I have additional savings of £13,000

I had a default from 8 years ago and had some missed payments around that time and up till about 3 years ago. The last 3 years everything has been paid on time and I have been accepted for credit in this time ( credit card, phone contract, car loan (paid off)).

How likely would Natwest be to accept me, do you think, or would I need to go to a broker - and would a broker be able to get me a mortgage ?

Thanks for any assistance you can give me.

swanny78

With missed payments \ defaults in last 6 years I would get a broker. Your LTV % works very much in your favour but he\she can tell you the banks most likely to accept you. I would get a copy of your credit report too. Natwest use Equifax, but get Experian too to be sure. Ignore the scores the banks don't tend to use them much. You are looking for any reds and ambers in the payments histories, and any other flags.. ie electoral roll, fraud, recent searches etc...

Miss_Marple_2

Thanks for your response.

Is it OK to make an offer on a house ( subject to survey & mortgage) before engaging a broker ? I did get an agreement in principle from one a while ago, but then got one from Natwest as well because they are my bank and when the inheritance money appeared in my account, they were on the phone straight away asking me what it was for and I said for a house and they said to come in to discuss things.

Would it do my chances harm to see if Natwest would do it, then move to a broker if they said no ?

Apologies - I am a first time buyer and have no real idea how it all works, despite reading all the guides on here !