Mortgage Advice

donblako

Hi,

Prior to seeing a broker I'm just aftEr advice on my situation:
Joint mortgage, 100k joint income
Looking for max 240k borrowing.
Partners credit rating is perfect.
My credit rating is perfect fro the past 15 months. About 3 missed payments 12 month specious, but then quite a lot of missed payments 10+, for 3+ years. Only ever missed payments.

Is this reasonable situation to expect acceptance? Having read so many scary stories I'm seeing a broker to hopefully ensure we are applying to the most suitable lenders.

Any help would be much appreciated

ACG

How much deposit are you putting down?
10% you might struggle. 15% plus it will start to get easier, the bigger the deposit the easier it will get.

donblako

10%.
I was told that most important was past 12 months credit history, is this not so much the case?
Also hoping our joint salary is reasonably high to offset some risk.
Kind regards
Mark

ACG

Its not impossible. I think there will be a lender prepared to do it with a bit of searching.

donblako

I'll keep updating this. After speaking to mortgage advisor, he is struggling to find mainstream lender.
Tomorrow he is looking at other options, is this accurate. I've put no applications through

Thrugelmir

donblako wrote: »

I was told that most important was past 12 months credit history, is this not so much the case?

Lenders use datasets that cover the past 6 years activity that's held on file by credit agencies. The data is scored through a series of alogorithmns. Each lender has there own system of scoring. So all late payments will be detected.

donblako

Thanks, for reply, just hoping we can get an offer in principal, fingers crossed!

donblako

I'm now looking at something through with Coventry, will update later

kingstreet

When you say "missed" payments, are they missed, as in you are constantly in arrears, or are they "late" payments with nothing but the odd "1" showing in your account conduct?

Did you get all three of your credit files before embarking on this? One may show something not on the others, or vice-versa, suggesting certain lenders to favour, or avoid.

donblako

Only ever 1s show, I think a 2 from 6yrs ago. Yes, provided all credit file info beforehand. Biggest issue is 90% and not very very very perfect credit file.

Wh05apk

You will definitely struggle at 90%, however as you are low income multiples, you may find your "credit score" is high enough to overcome some adverse, try to get am AIP for 89% rather than 90%, often its enough to trip it over.

If your broker has AIP'd you and got a decline get them to try again with that lender to see at what level it will pass, if they try say 50% and it still declines you would probably struggle elsewhere (unless they have tried a lender who just will not accept any adverse)