Will I get a mortgage

Benz2good

Hi, I'm new on here so please be gentle, I'm looking to buy a house with a 10% deposit but if have a low credit score due to a default in 2009 and a recent change of address means that the electoral roll section on my credit report is yellow (fair) and I've read that the more searches a lender does, the less chance you have? Is there a way to explain to a lender that I'm not a risk just decided to be a grown up.

InsideInsurance

Multiple searches by one lender within a relatively short period of time generally gets seen as a single search as its assumed they all relate to the same application.

Many searches by different companies is what they get very nervous about as it makes you appear desperate

You dont get a chance to communicate with the underwriters and so your improved record should be the evidence of you having "grown up" and sorted yourself out. Unfortunately they dont want someone thats "grown up" yesterday as they wont see any evidence of that but someone who did it some time ago and so their records back that up.

Searches are only visible for 6 months so if you have dont a lot recently it may be worth while waiting for them to drop off - especially as it suggests that you only "grew up" very recently and so will still make underwriters twitchy

Tixy

I would think with the default on your file and a low % deposit you will likely struggle to get a mortgage at the moment. Especially applying direct to a high street lender.

That said the best thing would be to get advice from an independant mortgage broker, or perhaps post on the mortgages section of this forum with some more details as there are a number of mortgage brokers who post on that section regularly.

They may recommend you wait another year for the default to drop off and hopefully you will have saved a bigger deposit by then as well.

Thrugelmir

Benz2good wrote: »

Hi, I'm new on here so please be gentle, I'm looking to buy a house with a 10% deposit but if have a low credit score due to a default in 2009 and a recent change of address means that the electoral roll section on my credit report is yellow (fair) and I've read that the more searches a lender does, the less chance you have? Is there a way to explain to a lender that I'm not a risk just decided to be a grown up.

Post on the Mortgages and Endowments board.

When was the default settled?