3 quick questions about getting a mortgage

Discussion in 'Finance, Property, Law' started by brettarider, Jul 20, 2009.

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  1. brettarider

    brettarider On ROPs

    3 quick ones.

    1. I'm divorced sold the previous property that had with the EX no profit from it would I be classed as a 1st time buyer again?

    2. As I've changed address's a few times since divorce my credit score is a bit pants sitting around the 560 mark was 100% before hand never defaulted on loans etc waiting for a couple of credit searches to drop off in Sept before applying however if my score didn't go up off it's own accord would I be able to obtain a mortgage if I had a guarantor? Should have problems meeting the payments of what I'm looking to borrow.

    3. I've seen a property and they are offering £5k cash back on the asking price could I use this towards a deposit?
     
  2. The days of 'first time buyers' getting access to better deals arelong gone, so shouldn't make any real difference.

    Big problem. There are mortgages out there to be had, but lenders are being extremely fussy about who they approve. Even relatively small credit issues can be used as a reason not to lend.

    No - if they are giving you cash back its because you are paying over the odds for the property. All lenders have very strict rules about developer incentives as it over inflates the property value. Many wont lend at all on new builds or homes less than two years old.

    So in a nutshell, unless you have saved the deposit yourself, and have your credit history back to normal ( it will get better over time ) sorry to say not looking too good I'm afraid.
     
  3. I agree with LewisCollins.

    You need to repair your credit rating and save as much as you can. You will have a problem finding a mortgage even if you have a genuine 10% deposit.

    Litotes
     
  4. brettarider

    brettarider On ROPs

    Should be able to put down a 10% deposit not a problem checked the credit score today up to the 618 mark now.

    Got a few things to sort out the credit file front ie disassociate myself from the EX etc

    I take it using and paying off my credit card every month will help improve my score as well?