Mortgage appointment booked! FTB nervousness!!

Iheartspreadsheets

Hello,

I have spent many hours reading through this forum, and have learnt an incredible amount.

Me and my boyfriend have booked a mortgage appointment next week for a FTB mortgage at his bank barclays. Very nervous to say the least! We have a 15% deposit for a property value of £120,000. We have a joint income off 42k.

Where the problem is that my boyfriend has a one month arrangement to pay on his credit report that is just over three years old. I understand know one can say yes or no, but just to know if we have a chance or we should try something else? Or thought about halifax, even though that worries me due to only doing a soft search credit score, then getting rejected at full application.

Sorry I'm a born worrier!

Any guidance or thoughts are greatly appreciated.

Thanks

ACG

I took this off their website:
http://www.woolwichintermediaries.co.uk/Residentialcriteria/IP1242620533007

Payment arrears/missed payments
Any adverse credit identified, as detailed below, must be declined

• Arrears of 3 or more months on any one account in the last 6 months
• Cumulative amount of arrears at any point in the last 2 years of 3 or more monthly payments on any one account Applications can be considered where the adverse appears to be inconsistent or out of character when compared to other Credit Account Information Sharing (CAIS) records or where documentary evidence of a settled dispute has been provided by the customer

Its not quite an arrangement to pay but it looks like they should at the very least consider it assuming he passes the credit score.

If it fails, i think i would sit down with a broker. If it fails on credit score you dont really want to be making applications on a wing and a prayer you need to make sure it goes through.

I should add - before you do a credit search, ask the person your dealing with what their stance is. Make sure it will not be a straight decline before he hits submit.

kingstreet

Iheartspreadsheets wrote: »

I have spent many hours reading through this forum, and have learnt an incredible amount

If the conclusion was to go direct to a lender with a potential credit issue, we haven't taught you enough!

Iheartspreadsheets

Haha thanks king street, that's good advice. I know I should have learnt by now and i have been toying with going to a broker, however I am struggling to find a broker that is whole of market in my area. All of them seem to be connected to an estate agency, and only have a panel of lenders.

I will definitely ask the question to barclays when we go in, and if the mortgage advisor seems unsure might not ask to go through with the credit check and try and find a broker. Are the brokers that cover the whole of Britain like L & C as reputable as some local ones, if your lucky enough to have them in my area!

I just find very little advice on arrangement to pays, so maybe a broker can shed some light!

ACG

With large firms its always going to be hit and miss, like any company. There will be good brokers and useless ones.

Do you live out in the sticks?

Iheartspreadsheets

thanks for the reply ACG, not really In the Leicestershire area in my town all seem to be estate agencies, especially the mortgage service bereau not sure whether to give them a go.

Yorkie1

Have you looked on unbiased.co.uk and unticked the sponsored sites link?

Iheartspreadsheets

Thanks Yorkie1 just been on there now, and un ticked. Found a few actually, is this a safe website to use then to find one?

Yorkie1

Yes, I'm pretty sure it is.

Iheartspreadsheets

Thanks, think I might go ahead and speak to a broker before my appointment next week. I'm scared of rejection but would be nice to no either way !

Yorkie1

Make sure you don't get a proper/full credit search by both the broker and the bank - too many will damage your credit record in any event.