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Using Mortgage Consultants to try for a mortgage

I have been recently advised by two mortgage consultants that either jointly or on my own a mortgage lender wont look at lending me a mortgage for about two years because of my (our) credit history (our currnet credit stautys being 'fair'. How accurate are these consultants? would it be worth applying direct to a lender anyway and trying to find out? I (or we) are first time buyers with a £25,000 gift from family for a deposit.


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Being given £25,000 by family to help get you started is very nice, but it doesn’t tell a mortgage provider that you can service a mortgage. A recommendation to defer for 2 years makes me suspect that there is a default in one or both of your credit records that might be timing out (after 6 years) . You need to improve your credit records. Both of you should have credit cards in your own names and use them regularly. It doesn’t need to be very much each month but you should settle them every month by the due date. Direct Debits for the full amounts would ensure that you are never late with a payment. You would then only have make certain there is enough in your current accounts to cover the full payment. The higher the Loan to Value (LTV) and/or multiple of salary(ies), the higher the credit rating would need to be. Can you demonstrate that you could service the mortgage? Could you do that with only the higher income? Rental payments plus monthly savings would show that. The fact that 2 consultants have given the same answer is indicative that you will not succeed by going direct. Did they indicate why you would fail? If so, concentrate on repairing that aspect. Mike