Can I get a First Time Buyer mortgage?

Posted on 4 September 2012 by Sophie


Can I get a First Time Buyer mortgage?

I have a satisfied default on my credit file of £4000, it went on nov 2009. Me and my partner both now have steady income between us of £47000 per year minimum. I want to know the chances of getting a first time buyer mortgage for a house worth 125000-130000. Also if not a first time buyer mortgage with a 10% deposit any other mortgage with a 20% deposit.

Sophie

Your default is going to make it very difficult, if not impossible, to get a mortgage.  Despite being satisfied, it's very existence is going to stop the majority of lenders even considering a mortgage and a high Loan to Value (LTV) 80 - 90%, will be out of the question.

Until the economic situation changes I think you will need to concentrate on saving a larger deposit, at least 25% whilst maintaining the payments on any existing credit agreements.  The default will be removed from your credit file 6 years after it was first registered and by then you will be in a far better position to secure a mortgage whatever the economy is doing.

Peter

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