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First Time buyer with 5% deposit and bad credit rating!
2 Posts
08/09/2021 - 3:14 am


I am a first time buyer and looking to get a solo mortgage myself. I’ve been renting for ten years and sick of wasting money. I have a income from being a NHS nurse making around £35,000 pa without overtime but easily make £38,000+pa with the overtime. I have zero debt but I do however have a two defaults on my credit file from two previous credit cards from when I was at university. They total around £1500 altogether but are satisfied and around 2 and 4 years old. I do however only have around a 5% deposit due to not being able to save as much due to renting for so long. What are my chances of getting a mortgage? I’ve also looked at help to buy as there is a number of new builds being built in my area next year.

Sorry for the long winded post, any help would be appreciated!

157 Posts
08/09/2021 - 9:15 am

Hi there,

As I often say the devil will be in the detail, but certainly it sounds as if buying with the Help To Buy scheme (on a newly built property) would provide a solution now. 5 and 10% deposits are still very limited in options and with 2 defaults and the most recent being 2 years old, it is likely you will not qualify for these now.

With any high loan to value lending the management of your core current account will be critical so strong discipline going forward will certainly help your cause.

If not already done so, obtaining a copy of your credit file and verifying the data held is accurate would also be a good next step.

2 Posts
08/09/2021 - 2:23 pm

Thanks for getting back to my so quickly, I was hoping to buy in the next year when those new builds start building. I have signed up to credit files to check my credit score and all of them have me in the poor category. I’m hoping this can change over the next year hit I’m presuming it’s because of the two defaults I have. Is there anything I can do just now or am I best waiting till next year when I’m in a better position hopefully? Is there any chance of me getting a mortgage with a 5% deposit? Thanks

157 Posts
08/09/2021 - 4:42 pm

Forget the credit agency interpretation of your score, it is not the same scoring system the lenders use and many have fixed criteria to number of defaults etc.

If all you have is the 2 defaults with the most recent being 2 years old then I would expect there to potentially be solutions now, but on the Help To Buy scheme only.

Obviously there is a lot more to be assessed outside of credit profile, but I still think you can be more optimistic for here and now

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