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Poor credit score and getting a mortgage
Kirstydoug
Posts: 3 Newbie
Hi everyone looking for advice I’ve got a poor credit score and ive also got 3 part settled accounts on my file if I clear my overdraft and credit card £1800 in total will I have a chance being accepted for a mortgage
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Comments
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Havin an overdraft and a credit card wont be affecting your score to any major extent - providing they are kept within their limits and paid on time. Unfortunately clearing those wont overcome the defaults you have.
When were the defaults registered?
How much is the purchase price and the deposit?
I am a Mortgage AdviserYou 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.0 -
Hi. My mother in law has recently passed away and my partner & his sister have been left her house. We want to buy his sister out but we both have bad credit. We will have 50% equity & around £25k deposit for the mortgage, what are the chances of getting excepted with bad credit??0
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How much is the house worth?0
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We have had 2 valuations at £170-£180k0
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Please start your own thread as it gets confusing reading questions and answers for two different people.clairewebb_2 said:Hi. My mother in law has recently passed away and my partner & his sister have been left her house. We want to buy his sister out but we both have bad credit. We will have 50% equity & around £25k deposit for the mortgage, what are the chances of getting excepted with bad credit??Mortgage started 2020, aiming to clear 31/12/2029.0 -
Defaults were 2018,2019 does a part settled account effect your credit scoreACG said:Havin an overdraft and a credit card wont be affecting your score to any major extent - providing they are kept within their limits and paid on time. Unfortunately clearing those wont overcome the defaults you have.
When were the defaults registered?
How much is the purchase price and the deposit?
we are just at the planing stages we are planning to have around 15000 deposit0 -
You need to speak with mortgage broker who specialises in bad credit rating, it's honestly the only way you can find out.
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