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Advice for a New buyer
Fridge03
Posts: 103 Forumite
Hi good people.
I'm currently looking at buying my first ever property. Nothing fancy. Just a 2 bedroom (house hopefully, if not then flat).
I just wanted some advice really.
I have a very poor credit rating (checked on experian). I have a few defaults but everything I currently owe I am paying off. In the last year I have repaid half of the £4k I owe. I have lots of settled accounts as well.
I do have a very large deposit £32k and am currently earning £25k a year. What are my chances of getting a mortage? I know its not as white/black as that but and thoughts would be useful.
Thank you!
I'm currently looking at buying my first ever property. Nothing fancy. Just a 2 bedroom (house hopefully, if not then flat).
I just wanted some advice really.
I have a very poor credit rating (checked on experian). I have a few defaults but everything I currently owe I am paying off. In the last year I have repaid half of the £4k I owe. I have lots of settled accounts as well.
I do have a very large deposit £32k and am currently earning £25k a year. What are my chances of getting a mortage? I know its not as white/black as that but and thoughts would be useful.
Thank you!
0
Comments
-
Are you currently paying off anything that you have previously defaulted on?
If so, my gut feeling is to use the deposit savings to pay the debt completely and then it will be seen as longer since the defaulted debt was settled in full when you come to apply.0 -
yea, as above, if you have the money, use it to get rid of the debt asap and then it'll look that bit better to the lenderhelpful tips
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)0 -
Depends on the number of, size of the defaults, the dates they were registered and the loan to value which will result from your deposit.
Order all three versions of your credit file and put in front of a whole market broker.
Order £2 paper files here and avoid paying for pointless CRA "scores" which are ignored by lenders;-
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=clearI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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