Mortgage Credit Checks

daleyland19

Hi All,

We are looking to buy our first house soon - the problem is, my credit aint too good (709 out of 1000 which is classed as poor with experian) however my partners credit is 976 out of 1000 which is classed as excellent. I have a decent job with a 20k salary and a loan which i pay £170pm for the next 3yrs (5k in total). My credit file has had a few searches on it this when trying to get a loan to pay of student debts. I also have a old catalogue account that defaulted in 2002 that i didnt know about until Jan 07 when i paid it off in full. My partners salary is 16k

Do you reckon we will have problems getting credit for a mortgage?

Your advice will be much appreciated.

Thanks

Mr_helpful

You should be fine though it would be best to use a no fees broker

daleyland19

Hi,

Is that basically a mortgage advisor who does not ask for fees?

If so, how do they make their money from me?

Cheers

Mr_helpful

daleyland19 wrote: »

Hi,

Is that basically a mortgage advisor who does not ask for fees?

If so, how do they make their money from me?

Cheers

Virtually all lenders pay the broker a procuration fee. it has no effect on the rate you get. Some brokers are greedy and charge you a fee on top of what they get from a lender. Sometimes where adverse credit is concerned they say it is for all the extra work which is complete rubbish as the proc fee is higher anyway. There are plenty of ne fees brokers around. From what you have said you should get a mainstream product.

daleyland19

Thank you, do you reckon i would be able to get a 100% mortgage for £120k with our combined salary of 36k?

Thanks