I have a low credit rating but I am going to be able clear my debt once I sell my home. Will I get another mortgage deal?

by , 10 months ago

I have seen a property but can only put down 10% deposit

Responses (1)

Hi anner70 and welcome to the forum.

My thoughts are that despite clearing debts from the sale of your home, you credit rating will stay with you despite them all, presumably, having been satisfied on paper. This is because credit ratings relate to attitudes to borrowing and repaying and you will simply have to rebuild yours again. Plus a new 90% advance is almost certainly not going to be agreed and you would need a lot more deposit to cement a new mortgage advance based on what you have said.

But this is just an opinion so it would be beneficial to have a chat with a decent mortgage advisor to clarify your options.

by Snoopy48, 10 months ago

Posts within the money.co.uk community represent the views, experiences and opinions of members only. They should not be taken as financial advice and should not be followed without further research.

Get our free money saving newsletter
Join over 480,000 other subscribers who grab our expert money tips, unmissable money guides & hottest bargains each week in our special email...
Join Our Community

Get fast answers to your money questions, Expert insight, top tips & much more...