Chances Of a Mortgage

chalkeyav

Evening All,

I'm looking to get on to the property ladder this year.... I currently Rent private.

My credit rating is appalling tho, CCJs, missed payments and closed accounts etc.... I'm in the process of trying to rectify this. I have a good job and earn an above average wage.

I'm looking to buy a property for £55k and have a £7k deposit. Along with £2k set aside for fees

Would anyone provide me with a mortgage or is it best to wait for my current credit score to increase first. Its around 330ish

Thanks

Walesgirl

Hi,

My husband as a CCJ from January 2019 for £3k from Vodafone. We are having to put 15% deposit down. Our application has gone int today.


My husbands credit score was very poor when we started to sort it out. He regularly uses his credit card now and pays it off in full. He had nothing on credit at the time but has gone from a £200 credit card limit to £1200 and another for £1500 within a year or so. 

MovingForwards

It's the credit history used by lenders as they have their own internal algorithm methods for scoring applications.

If you can confirm age and amounts of CCJs and when satisfied, or if outstanding, plus year and amount of missed payments, it will make it easier for people to comment.

Swoosh84

chalkeyav said:

Evening All,

I'm looking to get on to the property ladder this year.... I currently Rent private.

My credit rating is appalling tho, CCJs, missed payments and closed accounts etc.... I'm in the process of trying to rectify this. I have a good job and earn an above average wage.

I'm looking to buy a property for £55k and have a £7k deposit. Along with £2k set aside for fees

Would anyone provide me with a mortgage or is it best to wait for my current credit score to increase first. Its around 330ish

Thanks

You might be able to get one, depends on when the CCJ was though and what the other details of your closures are. You will certainly need a higher deposit though.

Bluestone are a provider that deal with adverse credit rating mortgages, they have a useful guide on what they would offer on their site: https://bluestone.co.uk/bluestone/media/Bluestone/Download/10680-ProductGuide_260416.pdf
Page 3 details what they would offer based on the circumstances. I am by no means reccomending Bluestone, just offering this up for comparison purposes.

J