Getting a mortgage

talulabell

Hi, I am looking at getting a mortgage. I have a LTV of 65%. I did a credit check with experion which gave me an excellent score, but this only refer to how you have managed credit in the last 6 months. However, the potential problem is that I have late payments showing on my file within the last 12 months ( but not the last 6) for credit card and a store card. These late payments were about a few days late, but are showing up. I have since payed all credit cards off and have no debts at all. I have worked in the same job for 10 years with enough income to borrow what I need. I have also never been in rent arrears. I am just really worried that these late payments to a store card and credit card may stop me from getting a mortgage. Does my relatively low LTV balance this out??

herbiesjp

You should be fine.

The LTV does help a lot as well.

Show the credit file to an adviser, just to make sure there will be no problems.

talulabell

Thanks- I was worried as woolich had said they wouldnt accept ANY late payments ever. I have heard that banks had got alot stricter, or is it just certain provider that are??

herbiesjp

It depends on the information on the credit file.

Not all lenders underwrite in the same way - so while some will decline, others will accept the application.

That is why using a whole of market adviser will help - they will be able to discuss your application verbally with lenders without running credit checks on lenders that will just decline.

talulabell

Thanks that is really helpfull- I am seeing someone next week!:)

readytofly

Oh this is something that we also needs to think about - my OH has had a couple of late payments, over 4 years ago now, on his credit card. Will this really affect our chance of getting a mortgage?! I think i have a good rating - i have never had a credit card, and my only store cards and Hire Purchase have always been paid on time! Its sad to think that one mistake could affect someones mortgage !