Mortgage-any chance??

ajames68

Hi experts

Currently looking for a mortgage. Purchase price £165000 and we have a 20% deposit. But here is the crunch, I have an untidy credit report, I have 6 late payments in the last year but nothing in the last 7months. I also have a default from just under 6 years ago for £715 which was settled immediatly. Our broker has recommended Halifax as they have a more flexible approach to past credit problems.

My annual income is £41000 and I owe £10000 on credit cards and a loan. I do not have an overdraft.

What are the chances of a mortgage with these circumstances? Or will or situation be better in 6 months if all payments be made on time.
Any help will be appreciated.

ajames68

Sorry forgot to say we are currently renting and have been for the past 5 years at £600 a month and have made all rent payments on time.

Dave_Ham

Hi,

Firstly, Halifax are one of the more flexible lenders for sure.

Is it a single mortgage or if joint, does your partner earn and/or have credit commitments?

Do remember an Agreement in principle with Halifax is only a soft foot print and does not guarantee an application will be accepted, read on the forum previous threads on this although would hope your broker is aware of this..

Thrugelmir

How much of your debt is on credit cards? Could you not clear this.

With a sizable deposit to hand. What's the history behind the late payments. As looks very poor from a potential lenders point of view.