chances of getting a mortage?

linzimain

Hi im just wondering what my chances of getting a mortage would be.

My in laws will be giving me money to get a 5% deposit for a house. My current income is 24k.curfently on my credit file there is 16 missed payments over the year I know it sounds a lot but its a phone im trying to manage to pay on time. My outstanding debt is only £700 and my credit score is 513,so whats the possibilty of a mortage?

Foxy-Stoat_3

If you had a sparkling credit history, 5% saved deposit and you were looking for upto 4 times your salary, £90,000 mortgage then possibly.

I would put the £5,000 in premium bonds, or an ISA and build on it for 2-3 years paying off all your debt and not missing another payment, then asking the same question.

Don't forget about legal fees, application/survey fees and other expenses you will have to pay for to be able to buy a property.

Caz3121

You are likely going to need a larger deposit. The missed payments over the last year will hurt you as will not having saved any deposit yourself. The lender will ask the source of the deposit and some will not accept gifted deposits
What are house prices like in your area and how much would you be able to save over the next few years?

ACG

Have you looked at all 3 credit reports? Are the late payments showing on all 3?

If they are you have no chance with a 5% deposit, i think you would need to have 3 months clear of any late payments and be looking at a 15% deposit. Alternatively you are going to have to wait a good year or 2 for those payments to age.

ak74

I see it like this, with 16 missed payments over the year and no deposit saved up yourself it's going to be hard for a lender to borrow you money when you can't budget to pay off a phone on time.

Kazza_Monkey

I just thought I'd let you know my situation just to give you a better idea.
we have been turned down for a mortgage with Nationwide only 82% LTV. Hubby 24.5K a year me £16610 a year 999 experian credit rating - no missed/late payments in 10 years.

why because we had some credit card debt 2 months ago we have paid it all off in full but experian still shows as outstanding. I'm now continuing the battle with Nationwide (probably will have to submit copies of my most recent statements showing zero balances).
Sorry to say it but I cant see you getting accepted at the moment and personally think you should give it a couple of years to build up deposit and credit rating. It really is tough out there and they are just about to make it more difficult.

holidayhippo

I have to agree with the above post.

We tried to get a mortgage with 50% equity. Partner had 3 missed payments within the last year. Halifax/Natwest etc said no.

3 Missed payments were that much of an issue his mum had to go on the mortgage.

So not really sure how 16 is going to look....