Can my mate get a mortgage?

-Cheryl-

My mate wants to get a mortgage but this year missed 8 payments and she is now back on track.
Her credit rating is 560 I think that is POOR on Experian but don't quote me on that? lol

But will any banks go near her with that? She has saved £10k for a deposit.

thanks guys x

kingstreet

It would depend on the purchase price of the property and what that deposit means as a percentage.

If it's 5%, chances are there won't be a lender as they are looking for a clean credit history.

If it's 15%, there may be options.

It will also depend on what the payments were late/missed on and if any of them became defaults after missing three or more at a time.

-Cheryl-

Thanks Kingstreet for ur reply. She has never had a default but missed a few loan payments, car payments but she has never gone over 2 (green) missed payments never any red or defaults.

kingstreet

I can only suggest your friend contacts an independent broker to see what options may be available. Far too many questions need to be answered to be able to do that on here.

mik82

Missing 8 payments in 1 year, including loan and car repayments? How is she going to manage a much larger repayment amount? If I was a lender I'd run a mile. It has repossession written all over it. No doubt there is someone, somewhere that would lend but I'd imagine the interest rate would be pretty high.

Thrugelmir

-Cheryl- wrote: »

My mate wants to get a mortgage but this year missed 8 payments and she is now back on track.

"Back on track" sounds as if there were financial issues. No the basis on which to apply for a 25 year loan term.

ethank

If I was a lender, I would run.

ACG

If nothing beyond a 2 I think there will be lenders who will at the very least consider an application.

Without seeing the full report its difficult to say but I would speak to a broker there could be lenders available.