Future FTB

nottonight_josephine

Hi everyone, just a quick question re mortgage applications. I'm aiming to purchase my first house in around 18 months-2 years (of course that's assuming that prices have pretty much bottomed out by then, which they may not have done), but a little concerned about my chances in the current credit climate.
On the plus side - I will have around £50k saved by then. The negative - due to sheer laziness (totally my own fault) I made 4 late payments on a credit card which only reports to Equifax late 2007/early 2008, so have 4 amber 1s on my Equifax report (not consecutive).

I've heard a number of stories in the press of people being turned down for just 1 or 2 late payments in recent months so now I'm a little worried as these will still be on my record at the time I intend to buy (Equifax keep account information for 6 years unlike Experian where it falls off open accounts after 3 years)!

Am I right to be worried? And is there anything I can do to improve my situation?!

Thanks for reading

wymondham

Credit to you for going about this the right way! I'm sure you'll be fine!!

Continue saving, reduce any debts, and make all payments on time and you'll be at the head of the queue for a good deal when you come to buy!

You hereby have the 'Top Banana' award :j :j

herbiesjp

You will be fine 2 years down the line

If you can't get a mortgage, then I don't think there would be much chance of anyone else getting a mortgage

Congrats on your saving and hopefully you will be buying at the right time

hostman

You earn £80k a year and have missed payments?