Mortgage Advice Needed

zaied_akhtar

Hello People

Could someone please advise me.

I am a first time buyer and put an offer in for a house got accepted and went to get my mortgage. Unfortunately found out today that this got declined as the lenders say i got not so good credit score. What can i do about this? Would i have to pay off all debts.

Also just learned today that interest rates have fallen so should i know look at a tracker mortgage as opposed to a fix and what about the original offer i made on the house would you advise that i put in a lower offer now that interest rates have fallen.

I know im asking for a lot but any advice would be valuable

Cheers

herbiesjp

You need to get a copy of your credit file from Equifax or Experian to find out why you have a poor credit score. Then on that basis, discuss with a fee free whole of market adviser.

Having a lot of debts could impact also on the amount of borrowing they will agree, so you would really need to post the house buying figures i.e. price, deposit, all your debts and your income.

Conrad

People with low scores will tend to find larger deposits will be required in order lenders can justify the higher risk lending.
First National GE money have be known to consider people with lower scores but the rates and fees can be high and the minimum deposit will be 5%. Note this type of lender are much more particular when it comes to property type.