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1st Time Buyer Not so Good Credit Rating!!
callyh21
Posts: 43 Forumite
Hi
I wondered if anyone could offer me some advice?
I am 22 and working full time i earn £13,500 pa my partner is 23 and earns £15,000. We would love to buy as we are sick of renting but dont know if we'd get a mortgage?
We dont have a deposit so would need 100% mortgage. Chris has a pretty good Credit rating as far as i know. He has a loan of £4800 which he pays £106 pcm and has not missed any payments but has been late once or twice.
I have credit cards totalling about £1500 which i pay about £60 pcm and a £2500 overdraft i just have to keep within limit and pay wot i want. We also have a joint loan of £3500 which is £80 pcm. so in total about £250 in credit commitments and we have about £1900 pcm comming in.
I do have a not so good rating due to missing/late payments a few months ago i also have 1 default from Jan 2006 which was paid in full.
Can anyone offer advice to whether we'd get a mortgage. As the money to pay every month is there just worried credit rating will stop us.
Many Thanks Cally
I wondered if anyone could offer me some advice?
I am 22 and working full time i earn £13,500 pa my partner is 23 and earns £15,000. We would love to buy as we are sick of renting but dont know if we'd get a mortgage?
We dont have a deposit so would need 100% mortgage. Chris has a pretty good Credit rating as far as i know. He has a loan of £4800 which he pays £106 pcm and has not missed any payments but has been late once or twice.
I have credit cards totalling about £1500 which i pay about £60 pcm and a £2500 overdraft i just have to keep within limit and pay wot i want. We also have a joint loan of £3500 which is £80 pcm. so in total about £250 in credit commitments and we have about £1900 pcm comming in.
I do have a not so good rating due to missing/late payments a few months ago i also have 1 default from Jan 2006 which was paid in full.
Can anyone offer advice to whether we'd get a mortgage. As the money to pay every month is there just worried credit rating will stop us.
Many Thanks Cally
0
Comments
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A 100% mortgage? Don't think there are any left now.
Having no sizeable deposit is your biggest drawback.0 -
If you don't have a deposit, I very much doubt you'll get a mortgage!
Why not try paying off all your debts, then saving at least a 10% deposit, and then you can perhaps get a mortgage for 3x your joint salaries.
How much is your rent, and how much would it cost to buy an equivalent sized property?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
If you don't have a deposit, I very much doubt you'll get a mortgage!
Why not try paying off all your debts, then saving at least a 10% deposit, and then you can perhaps get a mortgage for 3x your joint salaries.
How much is your rent, and how much would it cost to buy an equivalent sized property?
Spot on..... follow this advice.
Pay off those expensive debts and get yourself in a better position before you think of taking on more debt.0 -
A 100% mortgage? Don't think there are any left now.
Having no sizeable deposit is your biggest drawback.
MP, I wiped my screen before realising that was your avatar!!
Sorry, can't offer any advice right now other than a) you would be crazy to buy at this time and b) you'd be lucky/[strike]crazy[/strike] to get a 100% mortgage right now. If you can't afford to save a deposit then you can't afford to buy. Just my opinion of course.
You also have to factor in the future, you buy a one bed place and tip yourselves to the hilt wiht a mortgage and then find you want to have a baby or get pregnant and then you'll be stuck in a one bedroom flat and not have enough money to pay the mortgage - at least with renting it gives you the option to move on somewhere bigger and in the meantime to save for a few years as prices are already starting to move downwards.0
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