Credit score of 532 and a mortgage

Mind

Hi -

I have a credit score of 532 which I realise is poor - mainly due to a default on my account in 2010.

I have savings of £15,000 and wish to buy a flat with an asking price of £110,000.

What is the likelihood of getting a mortage - do I have to go to a specialist lender?

CornishOptimist

Although I am not an expert, I would suggest speaking to a mortgage broker, they answer questions like yours for a living.

They may charge you a fee but they point you to someone who offers you a mortgage 1st time, then I reckon they have earned their money and you get your flat!

Im in a reasonably similar position to you and I was advised to do the above.

Good Luck Mind

CO

Bugalugs

I don't know the answer, but would be interested to know how you both get on. I hope to be in a similar situation in a couple of years. Just that old business of trying to save a decent deposit!
Good luck to both of you and keep us (me) posted.

The_Boss

Mind wrote: »

Hi -

I have a credit score of 532 which I realise is poor - mainly due to a default on my account in 2010.

No you don't have a credit score, see the thread by MSE Helen Saxon.

Doubt you'd get a decent mortgage or even one at all with a default. None of us can gauge your chances as we don't know what deposit you have, what outgoings you have, your salary, time with employer and your account history.

K1RST1E_2

You should be ok providing you can get at 15%+ deposit together and definitely use a broker.

Frankiesphone

May I suggest you ask on the Mortgage Board, the guys are great, and many are brokers themselves. They will advise you on the best course of action to take. Good Luck!