Have I spoilt my chances?

chocolatecat

I am hoping for some advice please. I am a newbie here so please bear with me. I was a stupid teenager and I know that now, but unfortunately cannot turn back the clock so please do not give me a hard time (This is worrying me enough and keeping me awake at night)

Me and my fiance are hoping to buy a house this November. We are looking at houses which are approx £89k - £100k (It's cheaper in West Midlands) and have a £15k deposit plus money for fees etc. We both have NO debt and live with our parents and just have a mobile phone contract each. We both work full time. I earn £16.5k per year and my fiance earns £22k basic per year. His credit history is perfect and has never missed a payment or paid late etc. I am the problem. Back in 2007 I had a Littlewoods catalogue and a Dorothy Perkins store card. I don't know what the hell I was thinking but I was too busy partying to care about paying them. I hid it from my parents. I was too stupid at the time to realise the damage I was causing to my credit file and to my future and the companies I had lent money from. This is the damage on my credit files below in terms of very late payments:

Shop Direct - Littlewoods
June, July, Aug, Sep, Oct, Nov 2007
3 3 Q 3 Q 3 Then settled Nov 2007

Dorothy Perkins Card
December 06, Jan, Feb, Mar, Apr,
2 3 ok ok 1 and ok thru to Nov 07 settled

The rest of my credit report is perfect. I have somehow managed to get credit cards, car finance, phone contracts and loans in the past which are all paid and settled now and never missed a payment on any of these.

My question is, have I spoilt my chances of getting a mortgage? I know I've only got myself to blame. I could kick myself. Any advice would be great help. Lloyds Tsb (My bank) keep trying to get me to see a mortgage adviser every time I go in branch. I think they are just trying to upsell something everytime I go in to pay money in etc. They keep telling me my history is perfect with them. I have advised them of my stupid past but they have advised me it was years ago and to come and see them anyway, However I would like a little advice first please. I am scared of going and being red faced.

P.s. I've got the joy of explaining this to my perfect fiance tomorrow.

Thank you for reading

A

getmore4less

Have you seen his file yet?

Get them both out on the table and check for any other issues.

have a 5 onth saving plan to increase the savings.


MOST IMPORTANT do a SOA as if you were living in this place you plan to buy.

http://www.makesenseofcards.co.uk/soacalc.html

Also have a minimum 5 year budget 1st year detailed with the SOA 2-5 can be anual projections that include the extra one off spends

Dave_Ham

This is not as bad as you think, so start sleeping and stop worrying.

Whilst you would not have the pick of the bunch, this will not affect your ability to obtain a mortgage..

I deal in difficult cases every single day and this is not in that category..

Good luck

chocolatecat

Hello getmore4less

Thank you for replying. Yes I've seen his credit report on equifax, experian and call credit. And all are perfect with 12 years of credit history without a single missed payment or late payment. (He's older than me) He had a mortgage when he was younger with his ex wife but sold the house when they divorced so I'm the first time buyer.

I will have a look at the info thank you.

Hello Dave ham, thank you also for replying. That is good to hear. I feel loads lighter already. Will save even harder from now till November and try and raise some extra deposit.

LauraWxx

Please stop worrying...i was in a very similar situation to you, my financial advisor told me not to worry and that i would be fine, but i was very reluctant to believe him.
Low and behold...mortgage offer through no problems.
Spooky though as i too am in the west mids and also had dorothy perkins card issues!!!

mine i think were 2008 ish and have not posed a problem at all.

you will be fine....good luck!!

chocolatecat

Hello Laura

Thank you for replying. It is spooky lol. Glad your mortgage offer went through ok that is brilliant.

I was just stressing thinking I could have wrecked both our plans. I feel a bit happier now though Thank you.

Did you go to a Mortgage broker or to your bank?

Thanks

Amy

LauraWxx

I went through a Financial Advisor as I was doing a first buy scheme (where you get 20% interest free from developer and government) - it is a new build development.

My mortgage is with Nationwide, but was also accepted with Halifax but had to change as they had over exposure on the development.

I would see a whole of market financial advisor and show them a copy of your credit reports as they will then be able to determine which lender would suite you both best.

Honestly try not to worry to much...but saying that I was totally nervy for a good couple of weeks!!

chocolatecat

Thank you for the advice. I will do some research into a whole of market mortgage broker / Financial Advisor and take if from there.

Going to sit fiance down and show him my credit reports so he's prepared ready for when we want to seek a mortgage in the next 13 weeks.