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Is 5% Deposit enough with a default
Sam2019
Posts: 1 Newbie
So I have been looking through this forum but cannot really find an answer to my question.
I currently have enough for 5% deposit, my affordability is fine, however i do have a £400 default from 18 months ago, no credit issues before or after. Is getting a mortgage even possible with only 5%. Also if i apply now at 5% and get declined will it affect me applying again in a few months with a larger deposit? If so what kind of deposit should i be looking at?
I currently have enough for 5% deposit, my affordability is fine, however i do have a £400 default from 18 months ago, no credit issues before or after. Is getting a mortgage even possible with only 5%. Also if i apply now at 5% and get declined will it affect me applying again in a few months with a larger deposit? If so what kind of deposit should i be looking at?
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Comments
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My broker advised me that with a 5% deposit lenders want to see an impeccable credit rating and no adverse history.
It may be possible, I suppose a good broker may be able to get you a mortgage but the interest maybe high.0 -
I have 5% deposit and a default - however that's dropping off this month.
This was through a broker.0 -
we got a joint mortgage with a 5% deposit with dh having a 5 year old default, that could be considered a bit too recent.So I have been looking through this forum but cannot really find an answer to my question.
I currently have enough for 5% deposit, my affordability is fine, however i do have a £400 default from 18 months ago, no credit issues before or after. Is getting a mortgage even possible with only 5%. Also if i apply now at 5% and get declined will it affect me applying again in a few months with a larger deposit? If so what kind of deposit should i be looking at?0 -
In your place, I would get in touch with a broker to consider the entirety of my circumstances and give me a realistic idea of if / how much I could potentially borrow.
If you apply and it gets declined after a hard credit check, waiting a few months should negate the impact of the credit check but not necessarily have an impact on your mortgage chances, that would depend upon the reason for your decline.So I have been looking through this forum but cannot really find an answer to my question.
I currently have enough for 5% deposit, my affordability is fine, however i do have a £400 default from 18 months ago, no credit issues before or after. Is getting a mortgage even possible with only 5%. Also if i apply now at 5% and get declined will it affect me applying again in a few months with a larger deposit? If so what kind of deposit should i be looking at?0 -
i have 5 defaults all 4-5 years old. our options were short on a 10% LTV.0
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