Will we get a mortgage???

DWNT

I was hoping someone may be able to give us a bit of advice. We're looking to get a mortgage and according to Experian my credit score is good and my partner is fair. Whilst it's satisfactory he has 3 late payments in the last 12 months showing against his mobile phone contract, this has now been resolved as he has set up a direct debit however i need to know whether this will effect are chances on getting a mortgage.
Thanks!

herbiesjp

Simple answer is it can do

Is that the only problem on either credit file?

The figures you are looking at will also affect your chances, so what property prices are you looking at and what deposit do you have?

What are your incomes?

DWNT

Thanks for your response!

That is the only issue i can see on either reports, we have a 10% deposit and are looking at props around the 190k mark, our current combined income is approx 57k

many thanks

Conrad

It will have an adverse impact. My gut feel, is you will be required to put down at least 15%.

Government regulation requires lenders to lend responsibly. They will have in mind that if you get into arrears, you might then argue (as people do on this very forum) that the lender should not have lean't them the mortgage, afterall they were well aware you had struggled with a small mobile phone bill.

The fact 'you' might not be the type to try such a tactic, is irrelevant as the lender cannot possibly know what you might do and say down the line if you got into payment difficulty.

So the onus is on the applicant to demonstrate why a mortgage payment will be made on time in full, when a mobile phone bill was not. We all have bills to pay, and most of us make the payment regardless of direct debit issues.
Sorry if this comes accross as a bit waspish, but I merely seek to enlighten you as to how underwriters will think.

Best of luck.

herbiesjp

At 90% you really need to be squeaky clean on credit files.

However lenders do realise that problems occur all too quickly with communication providers and catalogue companies.

Rather than goin direct I woud get a whole of market adviser to discuss your case with lenders verbally to get their feel for the application