will i be able to get a mortgage?

sparkyman1983

Hi people
This is my first post so please be kind


I am currently going through the prosess of splitting up with me partner, we have been living in rented accomidation for about 4 years. I am having to move out so as im 30 now i thought it is a good time to get my own mortgage and some kind of security.
Im self employed with a gross income of about 22k per year.
After doing some checks online it looks like the banks will only lend me a max of about 65k,...... if im lucky!
My only option as far as i can see is shared ownership, my only problem is my credit rating.
I have had a look on experian and i was in the fair catogery, i thought to try and boost it a bit i will get a another credit card, this aplication was accepted but this has put another search on my account.... this has put me in the poor category.
I currently have 31 searches, most are from insurance companies etc. No CCJs No money outstanding etc. Im gussing that all the searches dont help?
What are my chances of getting a mortgage with this kind of credit rating? and who is best to try?


Thanks. Adam

ACG

Ignore the score on the credit agencies website - its a load of ..........

£22k a year to me would mean you can borrow more like £80-90k possibly more, although it would depend on whether you have kids, debts, commitments and also how many years worth of accounts you have.

Assuming your credit report is only bad because of the credit searches I would not worry too much, there will be lenders out there who would look to accept you.

How much in a way of a deposit do you have and how much were you hoping to purchase for?

sparkyman1983

Hi, Thanks for such a possitve reply,
After looking on this forum a lot of people say the whole shared ownership thing is a scam.
Im looking at buying borrowing about 50k on 25% to start with. I have about a 8k to cover deposit and legal fees.
Does this sound unrealisic? is it right you only need 5% depoit for shared ownership?
I have no dependants, no money outstanding apart from a 3k loan with HSBC (never missed a payment) and a couple of low credit limit credit cards that have always been paid on time.


thanks for your help,
Has put a smile on my face in what is a hard time at the moment

ACG

Being completely honest, I dont do shared ownership mortgages. I tend to refer them over to other brokers.

I dont think shared ownership is a scam, but I would never do it personally.