We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Self employed needing mortgage advice
gunner786
Posts: 275 Forumite
Hi im going to apply for a mortgage very soon. Just a couple of sticking points.
My creditkarma score is 601/701. Couple of yellow highlights there are
HIGH IMPACT
Credit limit
£3,000
This is the credit limit on your Virgin Money account.
A credit limit over £4,000 and low utilisation will help your score.
HIGH IMPACT
Credit utilisation
0%
£0 of £3,000 used
Aim to use 1-25% of your credit to see this factor improve
So they want me to have a higher borrowing limit and also use it too to improve my credit score? Wont that negate my affordability as outgoing costs?
I was going to close my virgin credit card account
Also im a self employed taxi driver. I have full SA302's for the year 2017-2018 and 2018-2019.
Will these 2 years be enough or will i need 3 full years? We are only 2 months away from it anyway and i will have 3 full years end of april.
And when your transferring home ownership does it come under first time buyer or remortgaging?
My creditkarma score is 601/701. Couple of yellow highlights there are
HIGH IMPACT
Credit limit
£3,000
This is the credit limit on your Virgin Money account.
A credit limit over £4,000 and low utilisation will help your score.
HIGH IMPACT
Credit utilisation
0%
£0 of £3,000 used
Aim to use 1-25% of your credit to see this factor improve
So they want me to have a higher borrowing limit and also use it too to improve my credit score? Wont that negate my affordability as outgoing costs?
I was going to close my virgin credit card account
Also im a self employed taxi driver. I have full SA302's for the year 2017-2018 and 2018-2019.
Will these 2 years be enough or will i need 3 full years? We are only 2 months away from it anyway and i will have 3 full years end of april.
And when your transferring home ownership does it come under first time buyer or remortgaging?
0
Comments
-
Ignore the credit stuff and two years figures will be fine.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
-
kingstreet wrote: »Ignore the credit stuff and two years figures will be fine.
Hi mate. Taking over a mortgage of £86000 and my income is £20,000 average over 2 years. Previous mortgage holders fixed term ends ends of feb 29th 2020.
I havent ever had a mortgage before. Do i go first time buyer route or remortgaging?0 -
Who owns the property?
If it isn't you, it's a purchase. If it is, it's a remortgage.
You're right on the affordability limit by the sound of things. If you have credit and dependents, you might struggle. Run your details through different lenders' affordability calculators.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 -
kingstreet wrote: »Who owns the property?
If it isn't you, it's a purchase. If it is, it's a remortgage.
You're right on the affordability limit by the sound of things. If you have credit and dependents, you might struggle. Run your details through different lenders' affordability calculators.
Taking over the mortgage from my sister and mother who bought the property as a right to buy 5 years ago. Used sisters name as i wasbt able to get a mortgage myself that time0 -
https://forums.moneysavingexpert.com/discussion/6095980/transferring-right-to-buy-home-to-sibling
Where is your mom going to live?Mortgage started 2020, aiming to clear 31/12/2029.0 -
MovingForwards wrote: »https://forums.moneysavingexpert.com/discussion/6095980/transferring-right-to-buy-home-to-sibling
Where is your mom going to live?
Same place mate.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards