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Do I qualify for a mortgage?

(5 Posts)
AdaSQuinn Wed 31-Dec-14 09:59:01

My credit score is 520. Do I qualify for a mortgage? I got a plot at a very cheap rate. I am sure if buy that, I am gonna benefit in future! Is there any scope for getting a credit?

nannynick Wed 31-Dec-14 10:56:21

More about your incoming and outgoings these days than your credit score.

There are numerous factors, loan to value for example. The more deposit you have the better, thus lower loan to value.

Plot - do you mean it is just a bit of land? That may be harder to get a mortgage on, where as if it a home that has been built for a number of yeas that may be easier.

Contact your usual lender, see what they can offer. Contact a mortgage brooker, see if they can find a better deal.

KathyCooper9 Wed 31-Dec-14 11:11:09

I believe a 600 credit score would do. I think you should take atleast 2 years gap before jumping into a loan. Clean up your credit and talk to a mortgage broker. Check out this article to know more about the eligibility requirements for mortgages ( ). But, don’t get disheartened. It is better to play safe when you have a bad credit score.

ClashCityRocker Wed 31-Dec-14 11:25:19

Credit scores are just a made up number. Lenders don't use them, and if you put the same info into a number of different credit report providers you will get different results. For example, according to the experian credit score range 520 falls within the 'very poor' category.

There are lots of things you can do to increase your chances of getting a mortgage - good savings, maximise income and reduce level of debt, as well as getting on the electoral role.

Mum4Fergus Wed 31-Dec-14 22:29:48

Credit scores are need to pass the new affordability criteria...there are calculators online that will give you an indication of what you may be able to borrow,but it's never guaranteed ...

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