Mortgages and missed payments

mprcomp

Hi,

I have finally sold my house and want a 90% mortgage on 110K. Which will mean have 99K on mortgage.

My wage is 37982
Wife's wage is 21500

Now this is what annoys me and I am sure others. Because I have a missed payment in May 08 with natwest credit card and a missed some payments with a barclarycard with last missed payment in in Aug 05. I have been advised that I need to go with Halifax as most likely to accept.

Best rate would be nationwide at 4.84 but instead told halifax would be best 5.99%. Now this seems extreme but it's even worse when payments 637 for 5.99 and then 570. Is Halifax only person who takes on people who have missed payments in past? Seems extreme when it's over 4 years ago since had issue.

Thanks

Paul

Dave_Ham

Hi there,

Your wages are fine, no worries there.

It will all come down to credit score I am afraid and whilst Halifax are flexible, I think so long as you have well conducted credit elsewhere there may be some of the mid tier lenders that would look at you.

Speak to your broker and ask the question.

All the best

mprcomp

I know my credit score is good as it's classed as good by Equifax at 613

I know different lenders will have different criteria.

_Andy_

Right...so what is your question?

Dave_Ham

Forget what Experian/Equifax tell you your score is. Totally irrelevant.

The lenders take their content and not their opinion on you as a borrower.

Thrugelmir

At 90% LTV. The interest rate is going to be on the high side.

Do you owe any unsecured debt or have used an overdraft?

mprcomp

Owe 4K on credit card. Have car finance of 11K. I have used overdraft but don't use it at present. Wife uses hers a little up to 400 pounds but she is on maternity leave so not exactly great for money at present when saving for house.

somethingcorporate

Lots of debt despite a good combined income. No surprise why banks are not falling over themselves to lend you money.

You should probably engage the services of a broker, save you harming your chances further with wasted applications.

mprcomp

I am using a broker that's why I said they suggested halifax. I would not count that debt as high given friends debt seems to be much higher.

_Andy_

Why aren't you asking your broker these questions rather than asking people who don't know your full circumstances?

R_P_W

Your friends level of debt does not determine whether you consider your debt to be high or not.