Mortgage possibility with bad payment history

CampNou

New to this site. Need some advise.
We are a family with 2 children (13 & 9 years old) & currently renting (£950 pm). Both are working permanent positions for more than 3 years now.
My income : 37k pa
Wife: 15k pa
We are looking to buy a property. We have around 15k deposit (trying to save more but very hard with renting).
Issue is my wife has 6 late payments during last 3 years in her credit report. I have only one.
Currently we are managing repayments well but history is bad.
We met 2 mortgage advisers from Santander and Halifax.
Santander said: Max loan we can go is 150k with both incomes BUT bad payment history could leads to a rejection. If I apply myself as a signal applicant, they could offer 130k gut still could affect my wife’s bad payment history.
Halifax says: They cannot tell us the figure until they do an application & check the credit. Also said they will consider the bad payment history but will not get rejected only due to this reason. They encouraged us to make the application.

We are in big dilemma as how to progress and step into property ladder. As you are expert in this area, could you advise me the best & secured options to make a successful mortgage application?

Many thanks in advance.

Dave_Ham

With that payment history and assuming they are all separate 1's rather than 2 or 3's you should be able to achieve a higher mortgage than that - if required of course.

Santander is probably not a good place for your case at all, but best to have a chat with a broker who can offer formal advice.

Good luck

CampNou

Her late payment history is like this:
Capital one : 24th, 26th
Shop direct: 23rd
Next: 25th, 6th
Creation: 5th

Dave_Ham

Sorry this does not make much sense, is this the months away from now?

At which point, some lenders will be happy with this for sure.

CampNou

Sorry for the incomplete info.
Yes those are previous month numbers from now.
Would you mind list down possible lenders would happy with those records then I will have word with them? Thanks again.

kingstreet

Sorry, the brokers on here don't do that. Advising is a regulated activity.

If you want mortgage advice, ask friends and relatives for a recommendation of an independent broker.

CampNou

Thanks Dave Ham, do you think still there is a chance buying a property with our bad payment history? If now how long we have to wait? thanks

Dave_Ham

I think you should be ok with the right lender, although your deposit may restrict you more than affordability.

Might be worthwhile engaging a broker.

Good luck

CampNou

Dave_Ham wrote: »

I think you should be ok with the right lender, although your deposit may restrict you more than affordability.

Might be worthwhile engaging a broker.

Good luck

Actually I have almost no trust on brokers based on my previous experience around 3 years ago who applied for me and got rejected. Atleast no reason given me for the rejection. Highly disappointing.

GMS

CampNou wrote: »

Actually I have almost no trust on brokers based on my previous experience around 3 years ago who applied for me and got rejected. Atleast no reason given me for the rejection. Highly disappointing.

So why ask brokers for information?


Could the rejection have reflected poor credit history?


Good luck but research lenders first. Too many rejections will hurt your credit score further

Dave_Ham

I got a bad filling when I was a kid, but that does not mean all dentists are bad or that even that dentist was bad; just the way it sometimes pans out.

If you were in the eye of the storm with missed payments, this could be cause.

Did the broker charge you anything for you getting rejected?