Likelihood of Mortgage Acceptance

stm79

I'm in the process of selling my house for something bigger, and will have a 15% deposit. I have had a quick look at my credit report and I noticed that there are a couple of marks for late payments about 5yrs ago - the question will this have an adverse affect on any mortgage application?

Since then there have been no late payments, never had a default, overdraft paid off, got £7k on CC, £11.5k on a PL & £8.3k on car loan. Salary is £61K + bonus

My wife had a late payment this year (away on holiday so payment a day late) and has £8k CC debt. Salary is £15k.

currently putting all spare cash into savings as CCs are on 0% deals.

with the lenders being very tight as it at the moment is worth..

1. selling & buying straight away
2. sell and rent for while to get rid of debt and save a bit more
3. stay put

...given the above situation.

Thanks,

Dave_Ham

Hi there,

What purchase price are you looking at?

Assuming the 15% is of the new purchase price also, so if not please advise.

stm79

Hi Dave,

We are looking in the region of £200 - 240k.
The 15% deposit is based on the higher value after all fees have been taken of

thanks,

Dave_Ham

I would expect this is achievable to sell and buy at the same time.

Unsecured Debt is not as big an issue with some lenders than people make out, paying it on time is the dealbreaker.

I think you already realise that you will not be able to walk through the doors of a best buy rate mortgage provider, although this will still be achievable at sensible rates although would respectfully suggest a mortgage broker would be a good idea.

Good luck

stm79

thanks for your post.

would you think it would be a good idea to consolidate some of the unsecured debt into one loan?

do you know of a good broker in the Aberdeenshire area?

Dave_Ham

Possibly would reduce your monthly commitment, although not sure this would be necessary at the moment especially as I think you said you were on 0% (may be wrong on this)

Would not do anything until you have run through this in full with a broker...