Declined mortgage on missed payments - help & advice

jmb1

Myself and my partner have just been declined for a 80k mortgage with 10% deposit. We tried increasing the deposit to 15% and a different lender but that also was declined. Reason our ifa thinks is three missed payments, to my mobile company Orange, which I'd seen already on my credit file. He's gone away to see if my partner can get the mortgage just in her name but I dont think that will work as her salary isn't high enough to meet the value of the house.

What would anyone advise? The ifa said to try keeping my credit file clean for a year and try again which having already had an offer accepted on a house is horribly bad news if that's the only option!

I'm wondering if the only other possibility is to go back to Orange and state my case that the missed payments weren't clearly warned, in that I had no letters for final demands and they don't make it clear how long I have to pay the bill after they send a text simply saying "your latest statement is available online" (doesnt even say to pay or by when).

I know this is a long shot and a late payment is a late payment, but is there any chance I can plead with Orange to remove the late payments on my credit report? Would they decline solely on my few missed payments even? Ive got credit accounts with others and these show payments all up to date.

GMS

What are your incomes? What is the purchase price?

Is the only issue on your credit file the missed payments to Orange?

jmb1

incomes of 18k (partners) and 7k (my self-employed accounts averaged: )

purchase price is 80k

i dont know if theres anything else but thats what ifa said reason was.

GMS

Get copies of your credit file and check data is correct. Credit scoring is harsh at 90%.

When were the payments missed and are they now up to date.

jmb1

one back in march and two unfortunately more recently in july and august i think but yes its currently up to date.

jmb1

another question, at what level of deposit does the credit history become less critical (if any, and assuming the late payments are the only problem which they well may not be? its frustrating though as our credit report doesnt show anything else wrong - makes me think it isnt worth the £14.99 per month paper its written on!)

dunstonh

jmb1 wrote: »

one back in march and two unfortunately more recently in july and august i think but yes its currently up to date.

Lenders currently hate late or missed payments. They may give some flex on one payment a few years back but three payments, all of which in the last 12 months is going to scare most prime lenders off.

kingstreet

Post Office mortgages and Aldermore claim to have a more enlightened approach to late payments involving mobile communications. Could be worth a chat to them or a broker.

jmb1

Interesting, we should try those; one thing that troubles me though is presumably we cant endlessly keep trying with different lenders as this will effect our credit in itself wont it?

kingstreet

jmb1 wrote: »

Interesting, we should try those; one thing that troubles me though is presumably we cant endlessly keep trying with different lenders as this will effect our credit in itself wont it?

As long as you go to a lender or two you have a chance of success with, you shouldn't have problems. Running up and down the high street applying indiscriminately would have consequences if you ended up with six or seven searches on file.