AP Markers

amandasb84

Hi,

My husband and i are looking at getting a first time mortgage we only have a 5% deposit and this is gift of equity as we are hoping to buy my parents house

Since doing some research i am now worried about this being declined, on my credit file i have Ap markers from 2016.

I have a vanquis credti card which is still currently in use but have 3 AP marks in July August and Sept 2016

i also had a mail order account which has AP markers in 2016 - Jan - Sept all AP and then settled in Nov 2016

What do you think our chances of getting a mortgage are?

ACG

Honestly, hit and miss if you are wanting normal rates.

There are things that can be done to improve your chances but I think it would be worth getting an experienced broker to give you the best possible chance of success. The last thing you want is to be having credit checks carried out with lenders it is unlikely to fit with.

5% can be difficult to overcome, with no saved deposit and arrangements on your credit report (albeit 3 years ago), it makes it a little trickier.

Getting a mortgage should be possible but worst case scenario would be rates of around 4 to 4.5%.

amandasb84

thank you ACG for replying

At least there is a slim change of us being approved albeit with higher rates

We have a whole market broker and are just waiting on my parents getting their home report to determine the house value and how much gift of equity they shall give us