I have missed 7 payments can i get a mortgage ?

samjee

I have 7 missed payments on 3 different accounts in 2011, Two of them being 3 months Late. It was just because of my own stupidity and laziness, they late payments were such as £12 pound which went upto 52 and the other account was of a smiler sort (less than 100). and one payment for 75 late. Actually I was into my final year in Engineering and was in a lots of stress then, but I know there is no excuse for such a behaviour.

Any way fast forward to present.

Now I am in a very stable job and have not missed any payment since 2011, and my credit score is fair

I just wanted to know, Can I get a mortgage on this score with high street banks with previous record of mine?

Actually I can get a sub prime mortgage but I don't want to get a mortgage with higher interest rate and charges.


Facts:

1) I currently have 50,000 Deposit with £38500 Income.
2) I have being offerd a mortgage through mortgage broker from Saffaron Building Society (But their mortgage fees 2% of total mortgage and interest rate of APR 6%)
3) I am told that i can get a high street mortgage next year after october as these payments will be three years old and will have less impact on my mortgage application.

ACG

You dont say how much you actually want to borrow.
If its 85% LTV or under, then i would expect those rates to be beatable.
Also if memory serves me - saffron have pulled all of their rates on Tuesday i think?

samjee

I want to borrow £180,00 to £200,000 about 80% LTV and i have £50,000 deposit 20%.


I am not in touch with my mortgage advisor for a while so did not know much about saffron.


What is the realistic APR i am looking at "ACG" ?

ACG

Saffron are fine, they have their place and can be quite lenient.

Its the interest rates we tend to look at (not the APR), interest rates of under 5% should be possible.

samjee

So can i get a mortgage from high street bank ?


or i have to wait for another year before i can get the type of mortgage and interest rate i am looking for ?

ACG

There is nowhere near enough info. Possibly though. There are lenders who will ignore adverse over 2 years, so getting a Mortgage straight away should be possible.

Is it a case of you will only get a Mortgage if you can have a high street rate? I would sit down and speak to your broker with your credit reports, see what they come back with.

samjee

I have a target of getting a mortgage on interest rate of up-to 4.5% with acceptable fee's (mortgage fee).

Also as I am not a permanent resident/UK Citizen (I will be in 2015), but currently on Limited leave to Remain, I am being told that i can only deals with selected pool of lenders.


Please can you pm/send me your email i can send you the credit report or arrange to get in touch with my mortgage broker.

kingstreet

Do the late payments show on all three versions of your credit file?

Have any of them been defaulted, showing status "8" or they simply shown as missed/late payments?

samjee

They just show as missed late payment's, No defaults.


They appear on both equifax and experian credit reports.

Weird_Nev

I think your residency status will be more of an issue than missed payments.

kingstreet

samjee wrote: »

They appear on both equifax and experian credit reports.

Call Credit?