Single workaholic seeks....

BeckyBloomwood_2

A mortgage!
I have no debts, they have been recently cleared, apart from a loan that I pay £200 a month, this has never had so much as a late payment.
My credit rating is reading as poor at 780, from Experian.
Am I best to stop even thinking I can get a mortgage? how long should I wait if not?

I am very new to all this mortgage lark, I need to get on the ladder, but I feel my student years have screwed up my chances now I am financially better off. :mad:
Help!!

Thanks in advance

Jonbvn

Sorry, but you have supplied far too little info for anyone to consider your question.

Answers some questions:

1. What is your salary?
2. How is your job tenure?
3. How much deposit do you have?
4. Despite you trying to disregard the £200 a month loan servicing, this is VITAL info to a mortgage lender. The real truth is you have a debt!

I am thinking you need to clear your debts then save a serious deposit and reconsider your options. What do you think?

Finally, remember this BB is not an advice service.

BeckyBloomwood_2

Firstly I am not disregarding the £200 a month loan, lots of homeowners have loans, I just don't think it is an amount that should be detrimental to me being a homeowner.
I have a 5k deposit
I am 35k annual salary, I have been employed by the company I work full time for, for 3 years.

I personally do not feel that my info above shouts out 'do not touch me with a barge pole!'

Also I was asking opinions, not using this place as an advice service, I don't see how my question differs from any others on the board.

17Dave

DON'T PANIC

Given the limited info you have given I would suggest:
You could get a mortgage for around £140,000.
Ideally a 5% deposit is the minimum - it gets you a better mortgage rate and more lenders to choose from.
You refer to a poor credit record but also say you have a loan - so it cannot be that bad. The loan payments will be taken into account when calculating how much a lender will let you have.

Talk to a mortgage broker (lots of posts about how to select one)
who should be able to give you an idea of what you can borrow and how much it will cost.