Getting a Morgage with poor&fair credit

Lilijeanie

Hi

Myself and husband are wishing to move house, he has poor credit and mine is fair. Poor due to missed payment on previous X card 5 years ago and was settled and same with a loan 5 years ago.
We have never missed a Morgage payment.

Is it worth us looking for a new Morgage? Or not bother. Our house is worth 130k and we own 30k of this. Our Morgage ATM is a tracker so is very low- could we port this and get another Morgage for the rest?
We would like to get a house for 150-170k
Just worried of rejection!
Thanks for your help xx

amnblog

Your question cannot be answered without knowledge of your lender and a full understanding of your credit files.

You get a 'no', particularly if you don't get good independent advice, but even if you do, it's not a problem you are not worse off.

I suspect you will find an option.

MortgageMamma

Your best bet is to see a broker. Sometimes a low credit score isn't the end of the world. Your credit doesn't sound that bad - your missed payments sound like they were a long time ago and its your recent credit conduct that creates your credit profile.


There is no reason you should not move/look for another mortgage. I can't tell you if your current deal is portable or not but if you have a look for the original mortgage offer it should tell you when the early repayment charges end/ended and what costs are involved to port it if possible.


You also need to have an affordability assessment done to make sure you can borrow the amount you need.

ACG

It may be possible to port but it all comes down to the details.
If not, with adverse 5 years old and such a large deposit there should be an answer at normal rates.

Lilijeanie

Thank you all for your replies