Can you recommend what type of Advisor we would need to see?

changes

Having a big dilemma regarding applying for a new mortgage. Can someone tell me what type of advisor it would be best for me to see? Or offer any advice themselves?

Background:

- Husband and I currently have 15k Personal Loan (9k left with no missed payments)

- 20k Credit card debt (but this will be down to 7k when we apply for mortgage)

- Credit reports say I have a good credit score (909) and my husband has an excellent credit score (999).

- Except we both have 2 late payment marks on our individual current accounts (we both stopped using our accounts and signed up to a joint account. Stupidly we didn't swap over a yearly direct debit and this then came out without us knowing, leaving us over our overdraft for 2 months. This happened in July and August 2009.

- We earn 54k combined and this is set to rise to 60k later this year.

- We have a 20-25% deposit for a new house.

- We will be looking to port our existing mortgage and borrow a further 30-50k dependent on the house we find.

We wanted to move this summer when we have the debt reduced but now we are really panicking about these two late payment marks we have (two each so four altogether!!). We always pay our payments on time otherwise and have never been refused credit in the past. Although its been a number of months since we last made any credit application.

I would like to seek advice and wondered what type of advisor I shoud make an appointment with? Is it an independent financial advisor, mortgage advisor etc? Someone who can advise us on improving our credit report situation and how long we should wait to pursue a new mortgage.

Or if anyone on these forums is used to these situations, can you advise?Would it be possible at all to apply for a mortgage in August/September this year (so the late payments are a year old). Or is it far too risky even with our deposit? Should we wait a further year.

I know its impossible to say for sure. i'm worried if we got turned down it would leave another bad mark on our credit report. But I have to travel long long distances for my job so the sooner we move the better.

But if this summer will be too risky, I don't want to make a further mistake.

Really trying hard to sort this mess out :embarasse
thank you.

Wutang_2

Whole of market mortgage adviser, take along your credit report and a search or two will not leave a 'bad mark'. Not sure what the mess is??

Thrugelmir

changes wrote: »

Having a big dilemma regarding applying for a new mortgage. Can someone tell me what type of advisor it would be best for me to see? Or offer any advice themselves?

Background:

- Husband and I currently have 15k Personal Loan (9k left with no missed payments)

- 20k Credit card debt (but this will be down to 7k when we apply for mortgage)

- Credit reports say I have a good credit score (909) and my husband has an excellent credit score (999).

- Except we both have 2 late payment marks on our individual current accounts (we both stopped using our accounts and signed up to a joint account. Stupidly we didn't swap over a yearly direct debit and this then came out without us knowing, leaving us over our overdraft for 2 months. This happened in July and August 2009.

- We earn 54k combined and this is set to rise to 60k later this year.

- We have a 20-25% deposit for a new house.

- We will be looking to port our existing mortgage and borrow a further 30-50k dependent on the house we find.

We wanted to move this summer when we have the debt reduced but now we are really panicking about these two late payment marks we have (two each so four altogether!!). We always pay our payments on time otherwise and have never been refused credit in the past. Although its been a number of months since we last made any credit application.

I would like to seek advice and wondered what type of advisor I shoud make an appointment with? Is it an independent financial advisor, mortgage advisor etc? Someone who can advise us on improving our credit report situation and how long we should wait to pursue a new mortgage.

Or if anyone on these forums is used to these situations, can you advise?Would it be possible at all to apply for a mortgage in August/September this year (so the late payments are a year old). Or is it far too risky even with our deposit? Should we wait a further year.

I know its impossible to say for sure. i'm worried if we got turned down it would leave another bad mark on our credit report. But I have to travel long long distances for my job so the sooner we move the better.

But if this summer will be too risky, I don't want to make a further mistake.

Really trying hard to sort this mess out :embarasse
thank you.

If you've a 20% deposit. Why don't you pay off all your other debt?

As in a sense you don't have the deposit as you've borrowed it.

changes

Thanks for your quick reply. Thats really helpful.

The mess - all the debt (which is thankfully going down quite fast) but the late payment marks mainly. I had heard that we wouldn't stand much chance of getting a mortgage with them on our credit report. Am i being overly pessimistic?

Wutang_2

changes wrote: »

. Am i being overly pessimistic?

Oui oui senorita

herbiesjp

As stated by Wutang, a whole of market adviser would be the best place.

Get a free copy of your credit report and make sure there are not any mistakes on there, and that you are on the electoral register.

Missed payments may cause a problem (one or two should be ok) especially if older by the time you start looking - and with that deposit, it will definitely help.

G_M

Go and see a bank advisor.... if you want to be sold that bank's products.

Go and see a tied financial advisor.... if you want to be sold that advisor's tied products.

Go and see an Independant Financial Advisor.... if you want independant advice.

VIGILANT22

You actually need to see a Mortgage Advisor or a Financial Advisor who is also qualified in mortgages.....

G_M's infomation regarding independent is incorrect.
Independent refers to fee structure it does not mean unbiased.
To receive unbiased advice you need to see a whole of market advisor

dunstonh

To receive unbiased advice you need to see a whole of market advisor

strictly speaking you would want to see an independent mortgage broker for unbiased advice as they dont rely on commission providers. They are fee based and will include all mortgages whether paid a commission or not. If commission is paid it is rebated or offset against the fee.

VIGILANT22

independant could be representative of the market not whole of market?!

dunstonh

VIGILANT22 wrote: »

independant could be representative of the market not whole of market?!

independent has to be whole of market by definition.