Hope for ftb trying to get a mortgage...

filbrit

Hi

We see a lot of worried ftb wondering if they will get a mortgage offer. We see a lot of stories of people getting refused.

So to give some hope or at least ease some worries and sleepless nights...

Anyone ftb here with not so perfect credit rating get a mortgage offer straight out on a htb, 10-15% deposit?

Perhaps some who had a couple of missed payment or push it further a default or ccj?

Please expound a little bit (circumstance and lender) and hopefully people here with similar situations may find some hope that there is still some possibility of getting a mortgage.

ACG

15% can overcome almost anything.

I (and im sure the other brokers on here) can give you countless examples of where adverse can be overcome with a 15% deposit first time buyer or not. I have a client with a £12k default from June last year get an 85% mortgage, the offer was issues less than 6 months after the default.

10% becomes trickier but still possible.

More people are likely to come on here with examples of where it all went wrong as the people who got through are unpacking and decorating.

If you have less than perfect credit, speak to a broker it will increase your chances of getting accepted massively. Get all 3 credit reports and go from there.

Best to avoid estate agent based brokers though, they typically do not have the best reputation.

filbrit

ACG wrote: »

15% can overcome almost anything.

I (and im sure the other brokers on here) can give you countless examples of where adverse can be overcome with a 15% deposit first time buyer or not. I have a client with a £12k default from June last year get an 85% mortgage, the offer was issues less than 6 months after the default.

10% becomes trickier but still possible.

More people are likely to come on here with examples of where it all went wrong as the people who got through are unpacking and decorating.

If you have less than perfect credit, speak to a broker it will increase your chances of getting accepted massively. Get all 3 credit reports and go from there.

Best to avoid estate agent based brokers though, they typically do not have the best reputation.

Thanks for the reply ACG. It really good to see that all hope is not lost with other FTB with a not so perfect credit rating to get a mortgage offer. Not to give any false sense of security but the reality of life there will be borrowers who does not have a perfect credit rating who would and still are going to try in getting a mortgage.

Im sure your post will give some sort of comfort to FTB with a not so perfect credit history.