Mortgage - First Time - Enquiry

dranzer01

Experian has a feature which shows a trajectory of your credit score, what it would look like if all things are equal.

Within 12-24 months, all my negative stuff will have been removed and it will be around the 900 mark - 

When looking into mortgages, is it the standard 10% deposit? and is it the standard x5 your annual salary in which is the top end to get yourself a place; that hasnt changed?

dimbo61

So you have marks on your credit score ?
You only have a 10% deposit and are looking for 5X income.
Should be a breeze 

K_S

@dranzer01 Currently, the number of 90% LTV products in the market is only a fraction of what it was the same time last year and much more expensive. However the situation is improving and hopefully it'll be better in a year or two. If you are able to, a 15% deposit will really open up your options.

Depending on the lender, the income multiple (which as you correctly pointed out marks the top end of how much you could potentially borrow) can range from 4-5.5x, but generally speaking you can assume an average of 4.5x.

While it will depend on the specifics, generally speaking, if you have a 15%+ deposit, you might not *need* to wait till everything drops off your credit report before potentially being able to access mainstream/mainstream-ish rates.

dranzer01

K_S said:

@dranzer01 Currently, the number of 90% LTV products in the market is only a fraction of what it was the same time last year and much more expensive. However the situation is improving and hopefully it'll be better in a year or two. If you are able to, a 15% deposit will really open up your options.

Depending on the lender, the income multiple (which as you correctly pointed out marks the top end of how much you could potentially borrow) can range from 4-5.5x, but generally speaking you can assume an average of 4.5x.

While it will depend on the specifics, generally speaking, if you have a 15%+ deposit, you might not *need* to wait till everything drops off your credit report before potentially being able to access mainstream/mainstream-ish rates.

what a lovely and helpful post - 

taken on board k s 

many thanks

dranzer01

dimbo61 said:

So you have marks on your credit score ?
You only have a 10% deposit and are looking for 5X income.
Should be a breeze 

where does it state that i have a 10% deposit? and where does it say im looking for x5?