First time buyer - worries

ursus

Hi,

My wife and I are looking to buy a house in the next six months. We have combined gross income of 100k and a deposit of the same. We are looking at house prices around £350k (so a mortgage of £250k). All fine so far.

However, I have been checking my credit reports and I have uncovered a wrinkle. Whilst Experain has given me a 999, there is an account it hasn't picked up but Equifax has (through Check My File, I am waiting for the full Equifax report). Essentially i had two missed payments (arrears) on a credit agreement (settled Jan 2010), one missed for two months and another missed for a month. The last missed one was November 2009.

My accounts have been run scrupulously since then with no other flags or alerts being raised.

Basically, is this going to be a problem in getting a 75% mortgage (also, no credit card bills, loans or other outgoings)?

I am loosing a lot of sleep over this at the moment and advice would be appreciated.

opinions4u

Your deposit ay well be your friend.

But there's only one way to find out.

jamesml

No point stressing over something you have no control over any longer - speak to some lenders and find out. Might be worth speaking to a broker if you are concerned.

GMS

Based on what you say, with a 25% deposit and 100k income there will be no problem getting a mortgage.

If you are concerned have a chat with a broker.

Don't worry and certainly don't lose sleep.

ursus

GMS - thanks for your reassurance. I will certanly look into getting a broker - is there anything I should look out for when appraoching / speaking to a broker?