Needing a Mortgage Broker, problems...

[Deleted User]

Hi All

Firstly please don't judge me on my other threads, I have a lot of things on the go at once and find a wealth of information here.

Ok so I am currently a 25% shared owner, have a mortgage with Halifax at the standard variable rate. My mortgage was for approx 44K and I think the balance stands at 37K (ish).

So knowing that the shared ownership is a con, I want to sell and move. Selling may be hard but I am prepared to give it a go.

I now need a new mortage and want to borrow maybe 100K - 125K

My credit report is not good at all, I don't have defaults, don't have CCJ or anything like that and I have settled most accounts. I did miss a couple of payments to stop interest on one of my credit card accounts last year (2) and I have lots of missed payments from when I was 16 (yes when I was 16) The debt you see in my sig is not all mine, some is in wifes name but we deal with it together hence it's here.

So I earn about £25-£27K per year and our business/t-credits give us a further £5K per year. Partner is also currently on MAT allowance that is £5K ish a year (this year only)

So what's the chance of me getting a mortgage now with all this going on. My debts should be gone within the coming months as I have some compensation and other money due.

I expect that a broker would need to see my credit report.

So who should I go to ...

ACG

I dont think you will manage it, even without the missed payments your incomes dont support £100k mortgage plus £24k (maybe more in other unsecured borrowings).

[Deleted User]

Thanks for the reply, when I use the Halifax calculator it tells me I can have 130K, when I spoke to a broker on here he told me about 150K

Halifax approved me for 90K a year ago.

The loans and debts are not all in my name, as I said they will also be gone soon.

The total income that we have is £30K + so surely this is enough?

[Deleted User]

See this is the amount on £25K earnings and £5K other income, one applicant, £50 repayments to other debts (I will have 0.00 when I apply)

The amount you could borrow is up to:
£123,300
This is for illustrative purposes only

ACG

If the debts are gone then yes you can get what your after depending on how big your deposit is (i would say 15-20% minimum) and how bad your credit report is.

[Deleted User]

Okay, my score is very low and I can't get a credit card at 0%.

But I have never defaulted (late payments yes only)

Will my current lender help as I am currently with them and have never missed a payment for 4 years.

ACG

Whos your current lender?
There isnt enough info, how many late paymentsin the last 1, 2 and 3 years?

[Deleted User]

I had approx 7 late payments when I was 16 on a Next Directory Account. I'm at the Ombudsman with this and hope to have them removed, if not they will take a year to drop off.

I had 1 or 2 on credit cards during the next few years.

I then had 1, 2, 3, 4, 5 on late payments on a Santander Current Account, this was due to a dispute, we won and got back our money, but they refused to remove the score from credit report. Will never do this again but we did :-(
I am still trying to get this removed as it was over a silly amount of moeny not even £10 in the end, I just didn't know what they were doing... When I realised I paid in full.

Current lender is Halifax and I have many products with them, including credit card and current account, all in good order...

Thanks

ACG

Im probably going to be quite direct here but its because a lot of people answer questions that havnt been asked.

Although youve mentioned what late payments you have, we still dont know how many are in the last 12, 24 and 36 months.

So how many late payments in the last 1, 2 and 3 years?

[Deleted User]

Last 12 months -

Halifax Credit Card - Shows 2 (number 1) late payments

Santander Current Accounbt - Shows progression of 2,3,4,5 late payments in one period

Last 24 Months

The same as above, but with 1 late payments

Last 36 Months

The same as all above, with 1 extra late payment

robatwork

assj wrote: »

I had approx 7 late payments when I was 16 on a Next Directory Account. I'm at the Ombudsman with this and hope to have them removed, if not they will take a year to drop off.

Can I ask how you had a Next directory account at age 16? Did you lie on the application?