Going for a mortgage

danksybaby

hi im a FTB and i am going to get a mortgage on saturday. However i dont believe ive got any chance due to the crunch because ive only ever had a loan and phone bills.all of which have been paid on time but i havent got enough credit.will this go against me when i apply.partner is in same boat as they said they dont take student loans into account.

any advice or help?

another thing..is there a fee for applying for a mortgage?

thanks

luckyfool

The biggest factor here is going to be how much of a deposit you will be able to put down. Also your credit score will tend to be helped as well if you have been at only 1 or 2 addresses in the last couple of years and have been on the voters roll during that period as well.

Is it a broker you are speaking to or your Bank?

Fee : Normally to do an initial consultation and get quotes you would not be charged either by a Bank or by most Mortgage Brokers.

LillyJ

I thought that no one was getting mortgages; but they are.

I didn't have much credit history really, just mobile phone bills, overdraft arranged but not used, and a credit card that has never been used.

OH had a bit more (he had a personal loan for his car that got paid off the month of the application, and a 0%credit card which he has used)

Really though, the thing that the Halifax said they were looking at was a 10% deposit, and also our earnings, and as those things were both fine, then there was no probs. The broker said that without 10% it would be harder but not impossible as we had no adverse credit.

We actually found a better deal with Halifax than our broker could get, there are a few threads on this issue. Unless you really know what you're doing though I wouldn't do it "on your own" so to speak. (I had my Dad who is an chartered accountant to help!)

happybroker

Re Fees, there shouldn't be a fee for obtaining a "decision in principle" where by a lender would say that yes, from the information you supply and your credit profile they will, subject to survey lend you the money.

I guess you are planning a long day on Saturday trawling around all the different lenders.

I would strongly recommend you speak to a good whole of market broker, ask friends and family if they can recommend one to you.

Good luck, I wouldn't get too worried about the credit history thing, I recently placed a customer who has never, ever had any finance of any sort, no mobile or even overdraft without a problem.