We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Chances of getting a mortgage

daniejam
daniejam Posts: 20 Forumite
in Mortgages & endowments
With a bad credit rating of 514 on Experian, what are the chances of me getting a mortgage on a wage of around 40k with a 15k deposit.


Score is mainly due to late payments and a default that is being contested. However on defaults every penny got paid back within a month.


I would be a first time buyer.

Comments

  • Contemptuous
    Contemptuous Posts: 516 Forumite
    A mortgage of how much?
    Slummy mummy!
  • daniejam
    daniejam Posts: 20 Forumite
    Contemptuous wrote: »
    A mortgage of how much?



    Ideally I am looking at a house of 170k, but realistically I don't even expect to get a mortgage till my credit has improved.
  • Beckiemortgage
    Beckiemortgage Posts: 1 Newbie
    When was the default registered (and how much was it and who to)? Would also be helpful to know when the late payments were and whether it was status 1,2,3 etc.
  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Your deposit is too modest for that kind of credit profile.


    I suspect you will be looking for at least a 15% deposit.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.5K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.5K Work, Benefits & Business
  • 601.4K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture