How hard will it be to get a mortgage?

j0nn13

Hi,

I'm considering getting onto the property ladder as a first time buyer. Had some debt issues straight after uni a few years ago, most have been settled (although some show on my credit record as only partially satisfied) except one unsecured loan which is still being paid back monthly direct to the lender.

Not got any CCJ's or anything, just not the best history.

Earn about 21k + On Call allowance of 9%

Will i find it hard to get a mortgage, or is it just a matter of trying to find one that won't have huge interest rates?

Would many high street banks give me a mortgage or would i probably need to speak to an independant mortgage specialist? Any suggestions on good lenders to try?

Thanks!

scottishsuz

I can't see why you would have a problem.

I got my mortgage of £47500 almost 2 years ago earning £15000ish. I'm due to remortgage at the end of this year, I'm not anticipating any issues getting another mortgage.

Idependent advisors (in my opinion anyway) are better than the banks etc, they'll do widersearches of the market. Banks only offer there own products.
Both advisors I've used in the past have been recommended to me and I've been happy with the service they've given me. The second one was entirely up front about what comission he was going to get from what product, this reassured me that the advise was for me, not for him to earn maximum comission pennies.

Good luck.

Suz

PoorDave

Make sure you use a "whole of market" mortgage adviser.

By using an adviser, you're effectively avoiding the shoe leather of having to go to every high street lender to see their deals. They will also show you some lenders with less of a high street presence. But then a lot of this info is available online. I suggest looking around online before meeting an advisor, so you have a rough idea what you want/what you're talking about.

Whatever you do, don't just go for a mortgage with your own bank because it's easier! It will potentially cost you lots in interest over the best deal, especially if you're with one of the banks that has quality products like current accounts paying 0.1% interest.

homer_j_3

I would ask to see a list of lenders the adviser will use as whole of market is very misleading. I had someone tell me that the countrywide adviser had said they were whole of market, yet I know they only have 10 lenders that they use.

You can be whole of market too from such a small amount of lenders which is where people fall foul because they think they have searched a lot more of the market.

PoorDave

homer_j wrote: »

I would ask to see a list of lenders the adviser will use as whole of market is very misleading. I had someone tell me that the countrywide adviser had said they were whole of market, yet I know they only have 10 lenders that they use.

You can be whole of market too from such a small amount of lenders which is where people fall foul because they think they have searched a lot more of the market.

Hence you need to do some digging yourself, so you'd know the "whole of the market" if you saw it! (to the OP, not homer_j)

j0nn13

Yeah will certainly be checking as many different companies etc. as possible, was just wondering if the bigger high street names etc. would likely exclude me because of an adverse credit history.

I guess i'll start at my bank, see what they offer me, compare it to some other companies online and then maybe take all that to a broker and see what I can do!

homer_j_3

just try and avoid too many uneccessary credit checks. A lot of banks do not like adverse and the loan you have to pay back may impede your borrowing.

By going to see a broker, you will get a lot more information and they will be able to tell you which route is best. How much would you need to buy?

SPANIEL36

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