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Late Payments Affect Mortgage Application?
Tixx1
Posts: 2 Newbie
I have a bad credit history and have tried very hard to rectify this in the past few years. I have some late payments on my account all over 24 months old. I am looking to get a mortgage and wondered if these would be detrimental? My credit score on credit expert is 999 but I am so scared that I will get turned down for a mortgage and ruin everything for my husband.
Any advice on this matter would be greatly appreciated :-)
Any advice on this matter would be greatly appreciated :-)
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Comments
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Ignore the credit score its useless - lenders have their own ways of socring you.
If you only have late payments on your credit file (no CCJs, defaults etc) then you should be fine. 95% mortgages might be a bit on the tricky side but 90% and below should be fine.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks ACG, I have no CCJ's, defaults, etc...just late payments. As I said I have tried my best to rectify this in the past few years and can do no more :-( I'm just so ashamed that I got myself into this mess when I was younger. We would probably be looking at a 80% mortgage, does a bigger % deposit help?0
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Bigger deposit means their is less risk for the lender so their underwriting gets more lenient.
At 80% LTV you shouldnt have a problem.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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