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Chances of getting a mortgage?

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  • Chances of getting a mortgage?

    what are the chances of getting a 'good value' (i.e. at what interest rate) mortgage in the following scenario..

    earn @ 40K per annum
    want to buy house for @145K
    have 15% deposit

    current experian score of 811

    some previous defaults, but most older than 3 years ago (1 more recent now satisfied, last update 6/6/2010)
    a previous ccj satisfied since 1/5/09
    squeaky clean credit record since.. 1 credit card (always paid on time) 1 store card (always paid on time)

    should I wait longer before applying, or won't that make any difference?

    all opinions appreciated!

  • #2
    Re: Chances of getting a mortgage?

    You'd be best going to speak to a mortgage advisor / broker.

    A 15% deposit will not get you one of the most competitive rates. You need 40% for these. A 25% deposit will get you a reasonable rate too.

    Good luck.

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    • #3
      Re: Chances of getting a mortgage?

      15% deposit will get you a good interest rate, ideally 25% deposit will get you the market leading ones. You ought to speak to a broker who will be able to take you through a full fact find and be able to advise on an appropriate lender.
      Anthony
      Compare the Mortgage Market
      http://www.comparethemortgagemarket.com

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      • #4
        Re: Chances of getting a mortgage?

        In order to get the best chance of obtaining the most competitive mortgage you are best off speaking to a whole of market mortgage adviser who will take you through a fact finding process as mentioned above and will then be able to source the market for not only the cheapest but the most suitable mortgage for your personal circumstances.
        Last edited by Charleston_Financial; 17-04-2012, 04:25 PM. Reason: contact info

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        • #5
          Re: Chances of getting a mortgage?

          Ideally, it would be best if you put down a larger deposit like 30%-40% to secure a better interest rate. Reducing your mortgage rate even by just 1% can save you thousands of dollars over the full term of your loan.

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          • #6
            Re: Chances of getting a mortgage?

            Hi,

            Its always better to put down as much as possible but in a realistic world this isn't always possible.

            At 15% you will have more flexibility and your earnings in relation to what you want lend is good which will help with credit scoring.

            If you need any assistance or would like to look into it let me know, a lot of the more flexible lenders now only do a soft footprint o your credit file so running a Decision in Principle wont affect your credit file...

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