Mortgage advice for ftb

nelsbells

could anyone please tell me if me and my girlfriend stand any chance of getting a 90% mortgage even though i have a default on my record that was settled in june 2007 and 3 consecutive missed payments on a credit card in 2008.there is nothing else negative on my credit report and i settled my credit card balance in full in august 2008 and since then have not missed any bill payments or gone above my arranged overdraft.my girlfriends credit report is excellent.we originally planned to save enough money for a 85% mortgage but have seen a house that we like and are worried about missing out has it would probably take another 6 months to save the extra 5%.we are also first time buyers.any advice would be really helpfull.thank you everyone.

Angry_Bear

I don't know for sure, there are a few good mortgage advisors lurking around who will have a better idea, but I do know that 90% mortgages are tough to get just now. However, you say the default was settled in June 2007 - when was is registered? It "falls off" your credit report 6 years after it was registered, so it might be worth waiting a couple of months to improve your chances .

nelsbells

hi angry bear.
i cant remember off the top of my head when it was registered but the default was only for £200 which i know,doesn't make it ok.our plan was to wait for the default to be removed but my girlfriend is panicking that the house is going to get snapped up by someone else. my record would also still have the the late payments on my credit card on my record till 2014.i have thought about seeing a broker who specialises in people with poor credit but would obviously try and avoid that route if at all possible

Angry_Bear

Sign up to Noddle (always free) or the free trials at Experian or Equifax to get a copy of your report, this will have the date the default was registered on there. If don't want to use the free trials, pay for the £2 statutory report - don't pay for the "score" or any snazzy extras as they're not really worth anything.

I'm not sure how much of an impact 3 old missed payments will have, the guys in the know aren't usually around at this time of night so you might have to wait until tomorrow for some more knowledgeabe info.

Good luck!

kingstreet

You need to get hold of all three of your statutory credit files;-

Equifax

https://www.econsumer.equifax.co.uk/...erletter.ehtml

Experian

https://secure.wiseconsumer.uk.exper...x.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-re...pl=regPurchase

which you should take along to a meeting with a good independent or whole market mortgage broker. Ask friends and relatives for a recommendation. Failing that, use https://www.unbiased.co.uk remembering to switch off "sponsored ads only" option so you get a full list, not just the paid-for adverts.

As AB said, the £2 statutory paper files will be fine. Avoid online schemes you have to pay for which give you your inside-leg measurement and call it a "credit score" as this is different to the lender's, the one which actually matters to you...

nelsbells

Hi kingstreet.

With my past credit problems,do you think I'll have any sort of chance of getting a mortgage with one of the high street banks or building society's or will I have have to go with a lender who deals with people with bad credit history and pay an higher interest rate?

kingstreet

No idea. TBH it would be simple speculation and not likely to be of great value to you.

A broker needs to know all about you and your financial make-up before attempting to "place" your case.

My suggestion in post #5 is what I would ask you to do if you were my client and until you did that, I would give no chances of likelihood of being successful, armed with none of the information I need.