FTB - chances of a mortgage

nugg_2

Hi,

First post so please go easy. Do you think I would be able to get a joint mortgage now or better to wait until the late payments have dropped off. Not sure if I would be wasting my time trying to applying for a mortgage now and getting rejected.

My situation is:

• Currently renting paying 975pcm.
• Myself and my partner are both 28.
• Salary 50k and partner works part time 10k per annum
• I also earn between 10-15k bonus per annum.
• 1 dependent (2yr old)
• Deposit 64k
• Looking at houses for 250k with the intention of a 75% ltv

I have downloaded my reports from Experian and Equifax but having trouble registering for call credit at the moment. These late payments are from my uni years, looking back I wish I knew what I know now about the importance of looking after my finances.

My report shows:

• Mobile contract - 1 late payment in April 2007 and the account closed in October 2007.
• Credit card - Equifax showing as 5 late payments and Experian 6, satisfied in Dec 2007.
• Credit card - 1 late payment on July 2007 and account was closed Dec 2009.
• Credit card - 1 late payment June 2007 and account closed Dec 2007.

My partner had a default from a mobile contract and was settled/satisfied in October 2010.

My thoughts are to wait until early next year before applying as it is my understanding the late payments should drop off my reports after 6 years...or is it from the date they are satisfied?

Any guidance anyone could offer would be greatly appreciated.

Nugg

Let_Us_See

A good broker should with a little forethought be able to address these issues and place this mortgage.

amnblog

Yes - based on what you have said this is perfectly placeable.

A broker needs to deal with this as many high street lenders will reject it when they see the defaults.