Mortgage for slight credit impairment

smerch1468

I have no CCJs or defaults, what I do have is missed payments on my credit card. These are sporadic and amount to in the region of 8 late payments over 6 years, four of these drop off my file this summer. I have not had a late payment now on any credit card for 18 months.

I need a mortgage for £180k, my property is worth £270k, my salary is £40k plus bonuses which realistically wont start till next year. I have just started a new job and am on probation for 6 months. I have credit card debt of £10k and £4k worth of savings which I will use to downpay my debt. I am also now paying £1k off my credit card debt each month, so by the time we get to the end of the probation I am hoping that I will have next to no unsecured debts.

Also do buy to let lenders look at credit files in the same way as residential mortgages. I am considering moving out to rented property closer to work and letting my house.

My mortgage advisor has said that realistically whilst im on probation it is a risk to apply for a mortgage with the current level of debt. He has also said that when I reach the end of my probation because of my late payments on cards I may not be considered prime for getting the best mortgage deals.

My question is are there any near prime lenders out there who would take my case seriously and not offer a mortgage at an extortionate rate of interest. I accept that I have been ill disciplined with paying my credit card on time and need to make sure my credit file is kept squeaky clean going forward.

Dave_Ham

By the time you apply and accepting all of the above as fact, you will be mainstream lender territory by then.

Buy to let mortgages are a higher credit score and any level of unsecured debts makes these harder to achieve.

Good luck

smerch1468

Dave_Ham wrote: »

By the time you apply and accepting all of the above as fact, you will be mainstream lender territory by then.

Buy to let mortgages are a higher credit score and any level of unsecured debts makes these harder to achieve.

Good luck

Thanks for your response. Interesting what you say about me being ok with mainstream lenders in September (when I will have 4 late payments over the last 6 years). I have spoken to a mortgage advisor who says that I would not even be considered near prime with 8 late payments, even the 4 that drop off in September wouldn't make a lot of difference.

I was referred to this firm from the moneyfacts site and they are financial advisors rather than specialist mortgage brokers.

Dave_Ham

smerch1468 wrote: »

I was referred to this firm from the moneyfacts site and they are financial advisors rather than specialist mortgage brokers.

I think you have answered your own question...

So long as the 8 are not back to back and spread out, certainly still do not have an issue stating you will be able to achieve what you are hoping to...

I wish you well, do not let loads of people credit search you and try not to miss anything from now until application...

Good luck