Will this be possible?

Fashionably_Late

If anyone could help, my husband and I would be thankful. If I am all over the place, please forgive me. I am consistently chasing after our twin daughters and lose my train of thought. We have been in our current home for nearly for 4 years and have never been late on our mortgage payment. But we have been late on three of our credit cards in the last 6 months. It was completely our fault. My husband is an IT contractor and works away and our twin daughters were in the hospital in London and I wasn't here to pay the bills. They are now on direct debit and this will never happen again. But we are wanting to move to a bigger home.

Here is the information:

The mortgage will be in my husband's name only. He has been in the IT business for last 10 years. He was a contractor until 2003 and then he went into permanent employment until April of this year and now is on a one year contract at a salary in excess of £100,000 a year and the contract is most likely going to be extended and they are already discussing it. We owe quite a bit on credit cards and will be paying this all off when we sell our current home. We can definitely put down between 5-10% on the new house and its asking price is £300,000. After the credit cards are paid off, our only credit
outgoings will be £700 a month plus the mortgage. We can prove the income if necessary as we have a signed contract.

Will the recent late payments make it so that we would definitely be denied a mortgage? We know we may have to pay a higher rate because of my screw up with the payments.

MortgageMamma

You might be able to get this through with one of the prime high street lenders with a little explanation

The best thing to do is let a mortgage broker assess your circumstances, credit check you and recommend the right mortgage

It doesn't matter how adverse your credit. so long as you have a deposit practically anyone can get a mortgage these days if you look in the right places

herbiesjp

You should be fine with this

I'd suggest getting an up to date copy of your credit reports just to make sure everything on there is correct, but with those earnings you should be fine with the mortgage amount of 90-95%

Fashionably_Late

Thank you so very, very much. You have made my day.

herbiesjp

No worries at all :beer:

Just be carfeul if going direct to the lenders, as they may credit check you, and so too many credit checks could harm you credit file.

If you go via an adviser, they should discuss options with you beforehand and only apply for a credit check on a deal that suits your needs and that you like

HTH

Fashionably_Late

My husband ordered a copy of his credit report this morning and found a mistake so he is calling the company. The broker my sister in law recommended to us asked to see a copy of the report and I'll send it to him. TBH, he has been very negative and made it sound like we wouldn't be offered a mortgage anywhere and he had me rather upset after speaking with him.