Mortgage credit help please

cheesymax

Hi

I have recently sold a flat with a view to my partner and I buying a house together. However, our initial mortgage application was refused due to "something in my credit rating".

Having looked at the credit, I found a loan that i had recently settled was marked as late payment in Feb. I contested this and the loan company removed the marker.

This was the only marker on my score since 2008, although there are about 7 or 8 late payment markers with another credit card between 2006 and 2008. No defaults.

Is it worth us applying for another mortgage now that the recent marker has been removed ?

I realise that back then I was pretty stupid but have, in the last 3 years done, well to get finances sorted. Is it all in vain ?

Thanks in advance

GMS

How much are you looking to borrow?
How much deposit do you have?
What is your income?

cheesymax

Got £35-40000 deposit
Looking to borrow another £140-170000
I should add I have a limited company. Income after tax about £45000. I know this can also affect the outcome but the clydesdale have already stated that they would lend 170000. I imagine that would be with an excellent credit score. On experian it is about 940 (good).

By the thanks for replying

herbiesjp

Need to know gross income, but based on that, you should be fine as long as no ther debts.

Plenty lenders will look at the application for you based on what you have posted.

It just depends on whether or not you meet the finer points of lending policy from the chosen lender.

cheesymax

Thanks for all advice.

If I was to apply and be rejected, how would the rejection affect future applications ? And how long should i wait until it has no effect on future applications ?

herbiesjp

There is no black mark as such.

It will only show a credit search having been carried out - only one will not cause too many problems.

Too many, and it will lower your credit score with the lenders scoring system - that is the important one. The experian score is not really relevant.