Mortgage Help/ Credit Report

**Amy**

Hi All

I am in the process of buying my flat I have been living in for 6 years. It is a council property and so I am applying for the Right To Buy. This means I *should* get quiite a good discount off the actual value of the property, which in turn means I should actually be able to get on the property ladder.

Long and short of it is I havent had great credit history, and so now I am starting to worry about things.

I have 2 defaults on my credit file as follows:

1) Next - £96 - Defaulted on: 31/08/2007 Marked as settled (03/08/2008)

2) Capital One - £783 Defaulted on: 15/04/2008 Marked as settled 21/10/2010

I have 2 "1 late payment" markers on my file as follows:

1) HSBC Loan - 1 payment late - settled in 17/01/2006

2) British Gas - Gas - most recent payment late, all other payments on time (electric account on time)

I have other accounts (7) on my file (including mobile, barclays bank, etc. that are all up to date and show as such i.e. no missed payments etc.) some of which are settled - old bank loans etc.

I was just wondering what your honest opinions are of getting a mortgage?

I am off to see a mortgage broker when I get the price for my flat through (probably 2 weeks time), but just wanted a bit of info really.

The British Gas late payment has upset me, but I didnt have enough in my account by a couple of pence, which meant the DD was returned, and the DD cancelled by my bank. I have no reinstated the DD, but British Gas (I suppose rightly so as it was technically a late payment) wont remove the late payment thingy, and I know this is not going to look good at all to anyone looking at giving me a mortgage.

One good thing will be that the loan amount I require wont be anywhere near the full amount of the value of the property, I am hoping around the 75% mark (less if I hope and cross my fingers, or maybe more if I am being too hopeful!).

Hmmmm....

I know it is probably best to wait and see what the mortgage guy says, but Im a worrier, and just wondered what you all thought (I can take it if its constructive criticism!! Honest!)

Cheers All

Amy
x

Littlemadam83

Hiya,

i am exactly like you and a worrier also! A mortgage advisor as you know is your best bet. He will know who is more likely to take you on etc.

My husband and me have just started to apply for mortgages through an advisor. I have about 7 T Mobile late payments from 2004/2005 and between us a couple late payments more recently and we were declined upon our first AIP.

He has not given up hope and is still trying for us. If you have a bigger deposit, that will more than likely open more doors for you.

Good luck, and there is no reason why you cannot speak to him before hand to get an idea, and get things ready (so he can see your credit history and payslips etc) in advance.

ILW

What sort of cash deposit do you have?