Will I get a Mortgage?

Kate_uk

Hi all,

I am looking for somone with experiance to advice if I'm likely to get a mortgage.


I have fair Credit score with experian ( 765) nothing bad on report
Equifax it's fair also with nothing bad on report except they don't see 2 years on my electoral roll (experian it's ok)

£22k income
4k overtime
credit card with santander-2500 with zero balance
credit card- 2750 with barclaycard with 2337 balance (55 pounds minimum to pay)
savings 15k

Looking at a house on the market for £100,000 with 85% LTV
Would ideally prefer repayment mortgage of no more than £500pcm/ 25 years

I am worried about being refused because of my credit score (even if I don't have anything wrong in my report ).

Any advice would be apreciated.

Thanks!

ACG

Ignore the score, its as useful as a glass hammer. That the score the credit agency gives you, not the lender.

If you have no red/amber marks at the back of the report then you should be fine. If you have an application which declines consult a broker but if there is no red marks etc then there is no reason for it to decline by the sounds of it.

You can always speak to a mortgage broker and see what they suggest.

Kate_uk

when it comes to deciding between brokers and banks I cannot make up my mind. Which is better in my situation to get a good deal? Are there more chances to get a mortgage if I go with a broker than a bank?

FTB_Doll

Broker will look at your file and decide which lender is more suited to you personally its the biggest decision you will make and always worth getting professional help xx

ACG

If you go to a bank, they can only recommend their own products. If you go to a broker theyre not limited to just one lender and will find the most suitable mortgage for you that they have access to.

In your circumstances, its unlikely a broker will improve your chances of getting accepted as there doesnt sound like there are any issues.

If you just want a mortgage then you can either do your own research or ask a broker to. If you want a helping hand then a broker is probably the best bet.

Thrugelmir

Is the deposit your savings?

Kate_uk

Inheritance. Does it count?