Lots of questions re: joint mortgage and late payments - please help

User+name_3

Hello I would be very grateful for any advice/wisdom that can be offered.

My boyfriend and I are looking to buy a property (first time) around about Spring/Summer next year. We will have approx. 25K deposit between us (possibly could make it up to a bit more, not sure yet) allowing a further 5K or so for fees (please correct me if this should be more, as we are still researching).

He is on around 30K and I am on 24K a year and we are looking at properties around 200,000. He has a good credit history, no late payments etc.

However, I'm a bit gutted tonight to find on Equifax that a mail order catalogue that I didn't even know I had signed up for have put a late payment on for Dec 12 after they sent the letters to a previous address after I had recently moved - amount was for less than 5 quid IIRC and was paid as soon as the letters were redirected. Equifax has no other late payments or anything that I can find and did not show this one when I searched in June? Worse still, on checking Noddle (which I think is Callcredit?), I see that O2 have put on a couple in summer 2010 for something they assured me they would not as it was agreed by them to be their error - how can I contest this now as I do not know who I spoke to at the time? There are a few others on phone bills from five to six years ago when I was a stupid teenager and just forgot.

Equifax only shows the 1 in Dec 12 that I can see - none of the others. I will check Experian too. I don't believe any are 'defaults' as I understand it.

Is there any way that I can find out which credit reference agency a mortgage company will use for my application? If we can get up to 15% will we have a hope of a joint mortgage? Will lenders explain why they have declined a mortgage?

Would be so grateful for any advice! :beer:

User+name_3

PS would a parental guarantor help in this situation? Thanks

Dave_Ham

You should be fine with most mainstream lenders, aside from the usual suspects.

Do not overthink this and start worrying about which lenders use which agencies, as the information provided on the internet is not always reliable.

This should honestly be fine.

User+name_3

Thank you

Who are the lenders to avoid and would it be better to go with 15% (obviously that is better anyway in terms of rates - but will be harder to get to!)? Does that mean that if the linked addresses don't show on Equifax online (hence no other late payments on Equifax) they may show on the report the lender sees?

Thank you for your reassurance but so hard not to overthink it!

Dave_Ham

15% will help any application and additionally provide a better rate.

I do not know if they will accept or not, although the stricter lenders are HSBC, First Direct, Britannia, Accord, YBS but these are just shooting from the hip a bit..

Stop worrying about the Experian/Equifax.

Subject to the details of the case, there will be a highstreet lender that is likely to lend to you on decent terms.

If you are worried, you can get an Agreement In Principle now which just checks credit score and high level information.

Most of these are accurate and reliable, largely with the exception of Halifax and at times Woolwich

User+name_3

Thanks Dave Really appreciate the advise!

ACG

I cant really add much to Daves post. All i would say is guarantor mortgages are there for people whos income isnt quite enough for the mortgages... its not a way to get round adverse.

Brokers on here cant really recommend specific lenders as it could be seen as leading or advice. As we do not have anywhere near enough info it would be poor for us to give advice (and risk losing our license). If you do want advice geared towards your circumstances you would need to sit down with a broker (one not within an estate agents).