ChatterBank1 min ago
Bad Credit
17 Answers
Mortgages...
I dont have a fantastic credit rating but i should have a decent deposit say 10%.....
Have I any chance of getting a mortage.?
I dont have a fantastic credit rating but i should have a decent deposit say 10%.....
Have I any chance of getting a mortage.?
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.If you have any CCJ's in the last 6 six years the answer will be no. If you are talking, missed or late payments they will affect your application, but depends how recent they are, they may be prepared to discuss what the problems were.
Things are a lot tougher since I retired so even if they consider it you will probably be looking at a higher interest rate or bigger deposit.
Will you be able to supply up to 12 months statements with no unauthorised overdrafts or unapaid item charges.
Not sure if there is much flexibility in the system these days, but a Mortgage Broker may be the best place start for info and advice.
Things are a lot tougher since I retired so even if they consider it you will probably be looking at a higher interest rate or bigger deposit.
Will you be able to supply up to 12 months statements with no unauthorised overdrafts or unapaid item charges.
Not sure if there is much flexibility in the system these days, but a Mortgage Broker may be the best place start for info and advice.
Apply for your credit report and make sure that any debts on it are being reported as satisfied. If not get onto the Companies that registered them and get it updated.
There is no such thing as an actual credit score, all Banks etc have their own systems set up for their own requirements.
If you have a good history on your statements and you can get the credit report straight, you stand more chance of the application coming up as 'a refer' which means it will go to a human being to have a closer look and make a decision.
I suggested a Mortgage broker as they would have a good idea of which lender to go to. Don't go trawling round all the Mortgage Companies, a search will appear every time they load an application and too many of those will go against you.
None of this guarantees you anything but you need to maximise your chances.
There is no such thing as an actual credit score, all Banks etc have their own systems set up for their own requirements.
If you have a good history on your statements and you can get the credit report straight, you stand more chance of the application coming up as 'a refer' which means it will go to a human being to have a closer look and make a decision.
I suggested a Mortgage broker as they would have a good idea of which lender to go to. Don't go trawling round all the Mortgage Companies, a search will appear every time they load an application and too many of those will go against you.
None of this guarantees you anything but you need to maximise your chances.