Mortgage advise please

dazza4444

here is my situation.

Just accepeted an offer on my house, and starting to look for a mortgage we have a deposit of about £18K and savings of £5k we will be looking for for a house of 150-200k. I have a salary of about £45k and wifey of about £15k so affordability should not be a problem.
We have about £3k combined on CC and a car loan with about £2k outstanding.
Neither of us has any historical credit issues, however on checking credit files today I have noticed that we have 2 late payments to BT one earlier this year one last year.
Are these missed payments grounds for being refused a mortgage
should i be concerned or should i amke an application?

Advice welcolme

dazza4444

Bump any advice??

dano17439

I would pay off your debts with your savings. If the banks look at affordability these debts will count against you

Also unless the debts are at 0% APR, you are losing money by having your savings at a presumably lower rate than the interest you are paying on you debt

leccyblue

Are the missed payments a true reflection of what happened? Or was there some error on BTs part? If the latter, then you can speak with BT and ask for them to be removed from your credit file.

Thrugelmir

Pay off your debts. Review your outgoings and get saving. Given your annual income saving a deposit and the purchase costs should be easy to achieve.

Wh05apk

I disagree with he advice above about paying off your debts, if you do you will then likely have less than 10% deposit, you WILL NOT GET a 90% mortgage with late payments.


Affordability should not be an issue either with or without the commitments, speak to a broker, who can assess your situation both ways, a 90% deal will also be far cheaper than a 95% deal.

dazza4444

Just to be clear we have a £15k deposit(equity from current house) and an additional £6k in the bank.

Are you saying we will not get a mortgage based on the late payments?

We have not applied for a mortgage at the moment.

Wh05apk

Sorry I meant 95%!


Lenders are very picky at high LTV's for 95% you will need to be squeaky clean, 90% you may be ok, I would suggest you speak to a broker, with your credit files and get an AIP before wasting too much time.