90-95% LTV mortgage with missed payments

Hi everyone

I have a question regarding the likelihood of getting a 95% LTV mortgage. OH and myself have been saving for a while and are hoping to buy this year with Nationwide Save to Buy due to cash back and potential for 95% LTV mortgages, but will visit a broker nearer the time to see what else is out there.

We have around £8000 saved in the account, and plan to sell company shares after dividend payments, bringing this amount to around £25,000 by August. We wanted to put down a 5% deposit and have the rest of the cash for fees, surveys, moving costs. We are in Greater London where average houses are £250K so need £12,500 for 5% deposit. Nationwide calculator says we can borrow up to £350K?!.

Earn £80K between us, both on electoral role, lived at same address for 10 years, in my job for 8 years, OH over 20.

OH has excellent credit report, no missed payments on several loans etc. I on the other hand have 4 (stupid) missed payments on a student type loan from the Open University that was settled and paid in full over 5 years ago but still shows up on credit report. I also have 4 missed payments on my santander current account, 2 of those will drop up by the summer (over 5 years old) and 2 from just over 4 years ago. Other than this, I have a credit card and two other accounts that are fine, with no issues anywhere else on my report.

Ideally we want to apply this year, but worried about missed payments. Has anyone tried for a 95% LTV with missed payments and been successful. We can wait till next year by which point we may have been able to (just) get enough for a 10% deposit, but missed payments will still be there and a bit worried houses will get even more unaffordable due to availability of help from the government. I am not keen on the Help to Buy mortgage scheme available next year, and wont touch a new house with a barge pole due to added risk of going into negative equity (appreciate this is possible on old house too at high LTV) so FirstBuy or Help to Buy a no go.

I am fully aware lenders would like a squeeky clean credit report, especially with high LTV but how far back do they look and will those missed payments on my current account and the settled account haunt me for the next two years, even if we get the 10% deposit cash together.

OH is 41 this year and want to get on the ladder so mortgage is paid off before retirement!

Also, how much do you think we should set aside for fees, surveys, moving costs etc. I am struggling to work this out as there are so many different bits of advice everywhere. The only thing I know for sure is stamp duty.

Any advice much appreciated, even if its not good news.

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