Chances of Getting a Mortgage

logie48

I'll try and keep this short.

Basically a first time buyer looking to buy at around £110k, 15% deposit.

Around 3 months ago, before I even thought anything like this would affect my credit rating, I opened 2 new bank accounts with high interest offers. I thought I was doing the right thing at the time having my deposit savings in these accounts earning interest. I also took out a store card, not because I needed it, but because I was sold by the store assistant and I got money off whatever I purchased on the day.

Now looking at my credit rating, which should really be spot on, says it is poor with a score of 500 odd. 3 new credit accounts and 3 credit searches in the last 6 months. Everything else is clean, no defaults/missed payments.etc and had umpteen settled accounts including loans, credit cards.etc.

Now what are my chances of obtaining a mortgage due to this? Will I need to wait 3 months till the aforementioned accounts go past the 6 months mark?

Many thanks in advance.

Popsuruncle

Are you on the electoral role? That can make a big difference

ExpertAdvice

That doesn't necessarily doesn't mean that you would not be eligible to apply for a mortgage. The scores on the credit reports don't really much as the lenders use their internal scoring system.

The important thing is that you don't have any missed payments/defaults/CCJs. With 15% deposit, you should be fine with most of the high street lenders as long as the affordability is there.

logie48

Popsuruncle wrote: »

Are you on the electoral role? That can make a big difference

Yes I am. Only thing affecting my score is what is mentioned in the first post.

logie48

ExpertAdvice wrote: »

That doesn't necessarily doesn't mean that you would not be eligible to apply for a mortgage. The scores on the credit reports don't really much as the lenders use their internal scoring system.

The important thing is that you don't have any missed payments/defaults/CCJs. With 15% deposit, you should be fine with most of the high street lenders as long as the affordability is there.

I hope this is the case. Just a moment of ignorance could potentially put my mortgage on the line.

I have done my budget and I am sure i'll breeze past affordable checks.

And for the record i'm looking at mortgage from YBS.