First time buyers - big worry

kerrimillar

Hi all,
Okay needing some advice ,
My husband and and I are hoping to be first time buyers .
His income 32k mine 19k we have a deposit of 20k and have seen a house at 120k . We have been pre approved by Halifax for up to 192k (after reading though it appears this is useless)
The problem is we advised we have had some late payments on credit . I went to do a credit search and have seen a default for £27 to 3 phone company a contract that was cancelled fully( or so I thought) I no longer live at that property so have missed this small amount .
So basically want to know the chances this will fail the full application .
Also if if fails what are my options . Can I go to a specific mortgage advisor? Would there be any mortgages suitable ?
Any advice greatly appreciated
Thanks

Fishingtime

You will get lots of different answers on here, but no one can say for sure the outcome

kerrimillar

I suppose I'm asking If it fails is there any mortgages that are taylor for having a mark on your credit file .
We have been advised no one lends to a first time buyer without at least 12 months clean credit . This default is dated Dec 12

ACG

A lot will depend on when it was put on your file but i wouldnt worry too much though.

A lot of lenders ignore defaults under £100-150. Just check the lenders criteria before you make an application or speak to a broker, but it shoudlnt stop you getting a mortgage.

kerrimillar

It was from December 12 so quite recent . Now that I've seen it i can pay it ASAP such a ridiculous amount to effect your whole credit file .

Thrugelmir

How many late payments and when were they?

ACG

ouch!

I would personally speak to broker, you might get this through with halifax but their credit searches are useless until a proper application is made.

Im sure there will be ways to get a mortgage but if halifax dont accept it then i would say its unlikely to be on the high street.

princeofpounds

This is where a broker can really earn their keep. They should have an idea which lenders can deal with this and which can't.

You will probably be able to find a lender but the question will be the deposit and rate they demand.

kerrimillar

I went to a general mortgage advisor . She advised no one would take us on with any late payment in past 12 months . They have been in last year.
This was a chain run group . She put in for a provisional offer and halifax accepted us Up to 192k But with reading on hear that means nothing . I will try the full application but I am doubtful
I really need advice and where to go for a broker who could advise of a lender that might except us in event of Halifax refusing final application.

ACG

Get a new broker, when theyre saying nobody will accept you what they actually mean is - your not a nice easy case...i dont know/dont have the time to deal with it.

Is it an estate agent broker?

If you have a look on google for a broker or ask friends/family for a recommendation, based on what you have said you should be able to get a mortgage - at the very least i would not rule it out just yet.

asharon

you could try http://www.lcplc.co.uk/ Ive no idea what they are like but if you go to

http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

they are named on this site so hopefully good.