Mortgage with 'fair' credit

Dsr75

I am currently applying for a mortgage and have a deposit of 46% of the property value.

I am self employed and have 5 years books available via my accountant. My business turns over 300k per annum and I pay myself 4k per month as a mixture of salary and dividend.

My credit score on equifax and experian is fair and on the borderline of good. I have spent the last year improving my score as during a difficult divorce just over a year ago I made 3 late mortgage payments due to illness brought on by stress. Up to this point I had very good credit available.

My partner has the highest score possible with all credit agencies and will earn 30k when she goes back to work in November.

I am concerned that the late mortgage payments will present a major issue along with the fact I am a LTD Co Director.

Will it be impossible for me to get a mortgage or will there be someone out there that can help? Any advice would be greatly appreciated.

Senior_Paper_Monitor

Will be doable - but will need the help of a broker to get you to the best place (and probably to even the access the solutions).


Pick up your documents and credit file and get them in front of a broker.

Thrugelmir

Turnover is vanity, profit is sanity, but cash is king. That's the perspective you need to have.

Late mortgage payments aren't brought on by stress but lack of cash. As there's no reason not to be paying the mortgage by either standing order or direct debit.

So the first concern a lender might have is how stable are your finances.

Dsr75

Thanks for the advice. The lack of cash was caused by a major fraud by my ex wife. I won't go into all that though.

I guess individual cases/sob stories don't really cut the mustard though. I'm with an independant broker and hopefully they will be able to help. Thanks again.