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Advice please
linzimilton1
Posts: 5 Forumite
This is my First post and probably been asked loads of times.
Ive had poor credit in the past, on my credit file i have 2 old defaults from scottish power which were registered in 2013 from old accounts when i was a student.
Ive got 2 credit cards both with £200 on them, never missed a payment. No overdraft
Car finance never missed a payment and also o2 phone bills which are all up to date and no payments missed. No store cards or anything.
My credit file still shows as poor and i was wondering what my chances are to get a 5% mortgage? Last year I earned 28k. I have got some savings and continue to save.
Just dont want to go to a mortgage broker to be laughed out the door. Any advice would be good.
Thanks
Ive had poor credit in the past, on my credit file i have 2 old defaults from scottish power which were registered in 2013 from old accounts when i was a student.
Ive got 2 credit cards both with £200 on them, never missed a payment. No overdraft
Car finance never missed a payment and also o2 phone bills which are all up to date and no payments missed. No store cards or anything.
My credit file still shows as poor and i was wondering what my chances are to get a 5% mortgage? Last year I earned 28k. I have got some savings and continue to save.
Just dont want to go to a mortgage broker to be laughed out the door. Any advice would be good.
Thanks
0
Comments
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A 5% deposit would be tricky but not out of the question, especially if you wanted to look at the Help to Buy equity schemeI am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You wont be laughed out the door, but I am with Dave, 5% is going to be a little shy.
10% and you have a chance, 15% I would say pretty much guaranteed.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Would i be able to get a help to buy?0
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If you purchase a newbuild property from a participating developer, you may be able to obtain a mortgage with only a 5% deposit, subject to affordability (lender and Government.)I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I didnt think i would be considered for a help to buy due to my credit file. I will speak with a mortgage advisor and see how it goes0
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