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Will I get a mortgage?

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  • Will I get a mortgage?


    I need some information on whether I will get approved for a mortgage. Situation is:

    I am applying for a mortgage with my partner who has an excellent credit score on Experian (credit expert) but mine is only Fair.

    Applicant 1:

    Credit Score: 999
    Number of Creditors: 1
    Outstanding Balance: £0

    Applicant 2:
    Credit Score : 738
    Number of Creditors: 8
    Outstanding Balance: £2371

    Joint income: £42,500
    Mortgage to borrow: £97,500
    Deposit: 5% (from us) and 20% from government scheme

    We are first time home buyers

    I should also point out that out of the 8 creditors for applicant 2 (me) the outstanding balance is only owed to 3 creditors as so:

    Virgin Media - £0 (internet and T.V)
    Vodafone - £0 (Mobile Phone)
    Mail Order 1 - £0 (currently waiting on closure)
    Mail Order 2 - £0 (currently waiting on closure)
    Finance - £511
    Bank Account Overdraft - £1208 (overdraft limit £1250 so it is not in breach of terms)
    Credit Card - £652 (recently settled but waiting for it to update on my credit profile)
    Main Current Account - Not using overdraft (have a £1600 overdraft to use)

    So my question is biased on the information above; does anyone know whether we would stand a chance at obtaining a mortgage?

    We have a meeting with Halifax next week and we don't want to be declined BUT we do need to sort out a mortgage and find a house by August....


  • #2
    Re: Will I get a mortgage?

    You will probably get a mortgage on that basis but you would be wise to steer clear of the 20% equity share "Help-To-Buy" scheme.
    It is ONLY for new homes and the only beneficiaries will be the house builders.

    In my opinion, you will get a better home for less cash by avoiding over-priced new homes.
    Information for UK new home buyers
    New Home Blog The latest news and views


    • #3
      Re: Will I get a mortgage?

      On the information provided I cannot see why you wouldn't be successful - also, there are 5% deposit schemes enabling you to buy older (not new build) properties.