Ftb

Astraeus

Folks

Please excuse another arbitrary "how will this affect me" thread, and please be reassured I am already due to meet with a mortgage advisor to look more closely at my position however I am after a very quick indication as to what may be possible in my circumstances.

My credit file is chequered from 2008-2010 whilst I was studying and living abroad. Since 2010 I have recorded four late payments on two credit cards whilst having three credit facilities in place. All of my debt is due to be paid off entirely by August 2014.

I am looking at mid- to late-2015 as a suitable time for my partner and I to look at purchasing a property ~£125,000. I expect we'll have a deposit of ~£20,000. By the time of the purchase the most recent late payment would be 35 months old and there would be two within the previous thee years. Those would be the sole blemishes since I started earning.

Is it worth me considering a mortgage as early as 2015 or will I remain hampered by those late payments? Will the fact that I have been a long-time First Direct customer have any sway with them as a lender? I am after a no-fee early redemption as my salary is due to take two large jumps in the coming 10 years.

EDIT: Please excuse the title, I pressed enter prematurely!

ACG

Should be fine to overcome the late payments, im not sure whether first direct will be the lender to do it as they do not deal with brokers but i think with a 15% deposit in the main you should be fine.

Astraeus

ACG wrote: »

Should be fine to overcome the late payments, im not sure whether first direct will be the lender to do it as they do not deal with brokers but i think with a 15% deposit in the main you should be fine.

Very useful as an indication ACG, thank you. I was concerned having read a number of threads regarding missed/late payments and the effect it would have on the number of lenders who would look at the buyer.

ACG

It will have an impact on any application, but 15% deposit isnt a bad deposit and the late payments are quite old.

There are lenders who will ignore things if theyre over 3 years for example.

Getting a mortgage should not be a problem. First Direct are not known for being the most lenient of lenders in terms of criteria but that does not mean they will decline you.

Also if you are seeing a broker unless they are independent, they are not going to come back with First direct.