Options for mortgage with previous missed payment

Maggiemy_2

Hi there
I wish to buy another home and have a large deposit of over £100,000. The problem is that I have a couple of missed mortgage payments from earilier in the year so I have reckon I may have to wait till my credit report is clear. However are there any options available out there for example a a sub-prime lender who charges higher in the first year?
Thank you in advance for any advice.

Dave_Ham

There will definitely be solutions given the deposit, although you are likely to require a broker or some good knowledge.

If the mortgage payments show as a 2 on your credit file and therefore you had arrears of 2+ payments, this will be harder work.

Maggiemy_2

Thank you - within the last 12 months shows:
~1 missed payment (due to changing DD date) in August
~1 in July
~1 in March
~2 in February
In your opinion would you entertain me as a client?

Dave_Ham

If this is the worst on your credit report then yes, but to be fair these are the types of cases I deal in day to day. A standard Estate Agency broker may kick you out the door...

If you have other lines of credit; credit card, loans etc. which equally have frequent missed payments then it becomes harder.

Depending on the other details on your case; income, purchase price, employment type will confirm whether there is a solution.

So long as you are wanting to buy a property under £400k, I would certainly fancy your chances with the right broker.

Maggiemy_2

Okay - may i contact you via you direct. I have copies of both my partner and I's credit report so youa re welcome to view prior to taking us on as a client.

Pott5y

Dave can be contacted directly - his details can be found if you click on his name.

I did and he helped me get sorted

Good luck

Pottsy

Conrad

Your options are lenders such as MBS lending (note a lot of brokers cannot access this one) or perhaps GE Money (but unlikely I think, and thier service is poor).

MBS will require 3 months Bank stats and be looking to see how a new mortgage can be justified. Essentially they are looking to find evidence you won't be missing payments going forward.

There are a couple of other options.

Be careful not to buy expensive insurance afterall money has been tight for you.