mortgage for those with marks on Credit file

fu100

hi there
i am a first time buyer and my mortgage broker is telling me i an 'un-morgageable', as i have a missed payment (with my credit card) on my credit file in may 2010. i also have something on my credit file file from 2005 which is due to be removed in March 2011, but i dont want to wait that long.
i was wondering if anyone knew of a good mortgage rate, rather than 6.99% with Natwest, that i have been told is the only mortgage that i can get!!!
i cant believe that and i am asking for advise!!!

any ideas are greatly welcomed!
i am trying to remove the note from my credit file by writing to my back account and explaining??
thanks
FU100

GMS

What is it from 2005?
Was your missed credit card payment made up the next month?
How much are you looking to borrow?
What is teh property value/purchase price?

If you are un mortgageable how have you been quoted a rate from Natwest?

luckyfool

You want a 90% mortgage I take it? Natwest have one of the more lenient credit scores at that loan to value, certainly of the lenders that will deal with brokers. You might find a direct lender that will consider it (i.e. one not dealing with brokers). If you can put down a 20% deposit and depending on what it is that actually happened in 2005 (you do not say, but if its acceptable to Natwest it cant be that bad) then much much better rates are available than 6.99% from lenders that do not credit score.

josievg

Is the credit card payment just one missed payment?

Post office (for example) is OK with one late credit card payment.

What's the 2005 default? Depending what it is for you may need to wait until March for it to drop off.