Could I still get a mortgage?

Hanger_boy89

When I sell my property, I'll have a £200,000 deposit after I've paid off £15,000 in credit card debt and a loan that was taken out for vital surgery earlier this year. My Credit Score on ClearScore is currently 338/700 which isn't great but I'm going to work on paying off some of my credit card debt over the next 6 months or so (it's been hard as my partner lost his job so I've been working for both of us).
My question is, I'm looking to secure about £90,000 mortgage as we currently live in a 1-bedroom flat, what do you think my chances are with a £200,000 deposit with a not-so-great credit score, considering I'll have no debt when I come to complete?

DCFC79

Hanger_boy89 wrote: »

When I sell my property, I'll have a £200,000 deposit after I've paid off £15,000 in credit card debt and a loan that was taken out for vital surgery earlier this year. My Credit Score on ClearScore is currently 338/700 which isn't great but I'm going to work on paying off some of my credit card debt over the next 6 months or so (it's been hard as my partner lost his job so I've been working for both of us).
My question is, I'm looking to secure about £90,000 mortgage as we currently live in a 1-bedroom flat, what do you think my chances are with a £200,000 deposit with a not-so-great credit score, considering I'll have no debt when I come to complete?

Well for a start do not go by your credit score as only you can see it, the history is what lenders see.

Get your report from Experian and Noddle (use call credit for the data).

Any defaults on your history ?

As to whether you can get a mortgage I cant say but you have a 200k deposit so you could get 1, obviously depends on the value of the property you are after.

Hanger_boy89

Thanks. On Experian my score is 749 and on Noddle it's at 559, so according to Experian I'm in the Fair category. The only things I have against me are the amount of debt I owe and the fact I've opened 2 new credit accounts in the last 6 months (my loan and I switched my current account). But obviously when I look to complete on a mortgage, I'll have no debt anymore.

DCFC79

Hanger_boy89 wrote: »

Thanks. On Experian my score is 749 and on Noddle it's at 559, so according to Experian I'm in the Fair category. The only things I have against me are the amount of debt I owe and the fact I've opened 2 new credit accounts in the last 6 months (my loan and I switched my current account). But obviously when I look to complete on a mortgage, I'll have no debt anymore.

Another example why the scores are meaningless.

Hanger_boy89

Well I'm only looking to secure £90,000 and I have no defaults and no missed payments. I've always made at least the minimum payments on my cards each month, I think the main thing against me is the amount of debt that I have. I'm working on getting this down as much as I can before applying for my mortgage though.

DCFC79

Hanger_boy89 wrote: »

Well I'm only looking to secure £90,000 and I have no defaults and no missed payments. I've always made at least the minimum payments on my cards each month, I think the main thing against me is the amount of debt that I have. I'm working on getting this down as much as I can before applying for my mortgage though.

If you can keep that up then it could increase your chances.