credit score very very low below 200

kelpies66

what would be the chances of getting a mortgage of 15000,with a 30k deposit? with a very poor rating.

Penguin_

You'll need to be more specific about what is on your file for the folks here to help. The score is meaningless, it is what is on the report you need to tell people. How much debt do you have? Is it secured or unsecured? What else is on your report? Are there defaults, CCJs etc?

kelpies66

Penguin_ said:

You'll need to be more specific about what is on your file for the folks here to help. The score is meaningless, it is what is on the report you need to tell people. How much debt do you have? Is it secured or unsecured? What else is on your report? Are there defaults, CCJs etc?

sorry,i have no CCJs,IVAs or bankruptcy in the past.it is mainly defaults with total debt of probably £2000.i have had no missed payments on any of my other smaller loans or credit cards in the last 11 months.my last default was in september 2018.the property im looking at is in scotland and on the market for 45000,i have a deposit of 30000.

Keswick1uk

What's causing it.

I spoke to a young lady a few days ago with 350 score who was turned down for a credit card which she simply wanted to pay off monthly to help build a score. 

She's on a low earning but very few costs, never owed a thing, saves each month. On looking her record is a right mess (not her fault - they've got incorrect personal data, addresses and electrol roll) She is now sorting out all the basic errors on it.

Have you looked to see why your score is what it is?

kelpies66

Keswick1uk said:

What's causing it.

I spoke to a young lady a few days ago with 350 score who was turned down for a credit card which she simply wanted to pay off monthly to help build a score. 

She's on a low earning but very few costs, never owed a thing, saves each month. On looking her record is a right mess (not her fault - they've got incorrect personal data, addresses and electrol roll) She is now sorting out all the basic errors on it.

Have you looked to see why your score is what it is?

just lists the defaults to be honest,and it is creeping up slowly at the moment.

MaryNB

As Penguin_ has said, your score by the CRAs Equifax, Experian or Transunion is irrelevant. A lender will look at your details and do their own internal assessment which they won't share with you.  You'll only get an acceptance or rejection. Different lenders have different criteria with regards to how they view defaults. Some lenders are stricter than others. (ETA: They don't see the CRA score you see, they only see the data on your credit report provided by one, two or all of the CRAs).

You will also need to check that a lender will give you a mortgage of £15k. Some won't grant a mortgage for that small an amount. With that and your defaults I would recommend speaking to a broker. 

ETA: The Mortgages and Endowments board is a better place to post your mortgage related queries. There are brokers there who may be able to give some high level advice based on your credit history (not score).

AFF8879

If you’re able to get one (which I appreciate will be tricky), a personal loan might be a better option for such a small amount. I’ve not heard of any mortgage lender offering under £25k

Slithery

kelpies66 said:

what would be the chances of getting a mortgage of 15000,with a 30k deposit? with a very poor rating.

I didn't think that you could get mortgages that small?

kelpies66

Slithery said:

kelpies66 said:

what would be the chances of getting a mortgage of 15000,with a 30k deposit? with a very poor rating.

I didn't think that you could get mortgages that small?

ive been told it may be possible,if not im gubbed i guess.

MovingForwards

A couple of the brokers do venture into this section and it's worth posting up a bit more info.

What's the age of the defaults and are they now paid off? 

What other markets are showing on your credit files and the age of them?

There are a few mainstream lenders who do £15k mortgages, but unfortunately sub-prime lenders tend to have a larger minimum amount and if it's an ex-council property a larger deposit is required.

A bank loan won't be possible as they don't lend for property purchases.

Another option is looking at a property for double the price, then you potentially meet sub-prime criteria, but that depends on income and everything else.
- this is the route I went down.

Monsternextdoor

Slithery said:

kelpies66 said:

what would be the chances of getting a mortgage of 15000,with a 30k deposit? with a very poor rating.

I didn't think that you could get mortgages that small?

It will be a typo £150,000 with a £30,000 deposit. 

I think you may struggle you may have to keep saving for a year or so.