FTB - Adverse Credit History - Mortgage Chances

Gravity_2

Hi all,

Just after some advice/opinions to see what sort of chance my fiance and I have to get a mortgage.

Her credit history is good and earns £16k p.a

I earn £21k p.a and have two late payment marks on my file. The balances were cleared in Sept 2010 but the marks still show.

We have £30k deposit which we're looking to use on a £150k or less house (80% LTV) and have other savings of £17k.

She has a credit card, which she does not use. I have a £100 overdraft facility with my bank (balance zero). Both have monthly contract mobile phones in our own names paid each month DD. Other than that we have no other credit. All other bills are in my name and are paid on time via DD.

Do we stand a chance? Should we wait until October so the late payment issue is over 3 years old?

Not sure what the best option is and don't want to apply to be rejected if waiting a few months will help

Thanks for your time.

GMS

If the only adverse is 2 late payments on unsecured debt almost 3 years ago I would expect this to be fine.

If in doubt ask a broker to look for you.

ACG

As GMS says, in the grand scheme of things this is not an adverse mortgage.

I would avoid the likes of hsbc/first direct but in the main i think you will be fine or you can speak to a broker and get them to do the research and application for you.

Gravity_2

Thanks both.

We're thinking of trying Halifax directly but you think a broker may be a safer option?

Would you say (based on what I've written) we are ok to go for a mortgage when we are ready?

Caladan

Gravity wrote: »

Thanks both.

We're thinking of trying Halifax directly but you think a broker may be a safer option?

Would you say (based on what I've written) we are ok to go for a mortgage when we are ready?

Need more information.

What type of work do you do?
Are either of you in a probationary period?
Do you have and personal loans/car finance/Hire Purchase?
Is there anything else that could affect the application? (i.e. New build properties, shared ownership, sellers incentives etc).

As to brokers - My opinion of them has changed recently and I'd say if you can find a reputable broker who you believe has your best interests at heart (which are usually also his/her best interests) then it can be well worth paying that little bit extra for (indeed it could save you a fortune in the long-term).

Remember, in the nicest possible way - You're a clueless First Time Buyer and there's plenty of traps you can fall into. Be careful about getting advice from friends/family unless they're in a real position to give it (with recent and relevant knowledge of the process) or from strangers on internet forums (oops ).

Good luck!

Kind regards,
Cal

Gravity_2

We're both in permanent full time employment, have been for many years.

She is in lettings & I'm in IT.

No outstanding credit.

I know opinions and advice on here is just that and its no guarantee.

Gravity_2

We applied directly through Halifax on Friday. They advised to wait for a few days to see if any issues would be raised. None have been so we have now paid for the valution/surveyor to go ahead.

Excited but still nervous.

Fingers crossed it progresses smoothly.

Dave_Ham

You are worrying unnecessarily.

This should be fine based upon the information provided..

Gravity_2

Just waiting for the move in date. Mortgage applied for directly with Halifax, in branch.

Offer Accepted - 4th Sept
Mortgage applied for - 6th Sept
Survey completed - 1st Oct
Mortagage Offer received - 9th Oct (verbally) 11th Oct (post)

Jessykins02

Do you both bank with Halifax, out of interest?

Gravity_2

I do.

I get £150 cash back on completion and a £600 pre-paid mastercard (a gift card essentially) about 60 days after completion.