HOW hard is it to get a mortgage?

[ButterPie]

We have rubbish credit (although can't be all that rubbish as we got new mobile phone contracts recently) and only DP works (well, I work very very part time and don't make any profit). We do pay the rent of £525 pcm, but no luxuries. Saw a lovely house nearby for £100,000. We have no chance, do we?

Not too bothered about actually owning, but a veg garden and an extra bedroom would be lovely, not to mention not having to worry that, if the housing market picks up, the landlord could sell our house.

sigh Is there any way of checking that we have no chance? (although I am pretty sure)

Go on a website, eg Nationwide, Halifax etc & do a quick online calculation. They'll ask about credit problems etc.

I can't remember where you can do it, but I'm sure you can check your own credit. I think a reasonable deposit is the the sure-fire way to a mortgage these days isn't it?

Good websites to consult are:

www.moneysavingexpert.com/mortgages/

www.guardian.co.uk/money/mortgage-calc ulator

But suggest that you get a grip on your finances first, particularly the bigger picture to see your incomings and outgoings.

A less than blemish-free credit history means that you won't always get offered the best (advertised) rates. Look here for more info:
www.moneysavingexpert.com/loans/credit-rating-credit-score

Also look at sold house prices; you never know, the house could be overpriced? www.nethouseprices.com/

Speak to the estate agent? You may get a deal as you are chain free and there are more offers for first time buyers.

If you live in wales there is a government scheme where they give you 30% deposit interest free and then when the end of the mortgage comes you pay them back in full for which you can take an isa out.

I'm guessing that with rubbish credit, presumably due to past problems repaying credit, you have no savings and certainly not £20,000 or £40,000 as a deposit ?

Ask yourself seriously, would you lend yourself money ?

Save £20,000 and you should be ok but get your credit files out to have a look how bad your rating is.

You could test the water buy going to your bank or local independent mortgage broker. If you think your credit rating is pants it may be the case.

Dont test the water too much as it makes a stain on your credit record.

You can take a look at your credit record yourself for free/small fee by registering with experian. Be sure to unsubscribe from the 'free' offer as else they will start the non-free part of the service and charge you a few pounds per month.

Read in paper today that most lenders are currently offering up to maximum of 75% of house value, so buyer needs to find the other 25% from savings - in your case, £25,000 - and that this reluctance of lenders to hand out bigger mortgages is causing stagnation in the housing market because very few first time buyers can buy, unless they have rich parents/donors to give them the necessary funds. Only good news is that house prices may have to fall to enable the first timers to buy in future.

Do you have any of those part buy/part rent schemes near you? They're cheaper to get onto and good for first time buyers.

i got a 100% mortgage, but that was 5 years ago, im not sure they are doing them now. go to your own bank and see what they can offer, then take it from there.

I have a sizeable deposit (more than half the property cost) plus money from the shared equity scheme and still I can't get a mortgage. The worst thing is that I got a bad credit rating due to my ex husband's shenanigans yet no one will look at the fact that for the past three years I've had absolutely no trouble and have paid every single bill without fail.

The banks are being utter w**kers, I can understand the whole desire not to take risks but at the same point the money is going toward a house - not a flash car or anything.

we have a sub prime mortgage which means our chances of remortgaging are below zero