First time buyer with mis-payments

CampNou

I am a first time buyer, finalising a mortgage for a 40% (100k) share of 250k flat which has 125 lease left, all inclusive monthly rent is £395.00
We have 10 -15% deposit. Total annual earnings 50k (both permanent & full time).
We have 2 children live in rented property for last 5 years.
My Experian credit score is 906 & partner’s 857
My wife has one late payment for last 12 month (but more late payments before that)
I had a long discussion with my mortgage broker & he is 80% confident that we can go for Nationwide 3.83% rate with 10% deposit.
Total cost for this mortgage is £2337.00 including broker fee £399.00 (Legal fee- 924, VAT & other third part cost 585, Valuation – 429)
My worry is that his is not 100% confident that we can get this mortgage due to my partner’s mis-payments.

Can I please have your expertise ideas & experiences?

Thanks in advance.

Foxy-Stoat_3

Main idea is to wait and see what the broker comes back with.

Doesn't matter what the folk on here say...although some will say that you have wasted your money obtaining the Experian credit scores.

Good luck

CampNou

Any more ideas?

stator

Sorry only Nationwide will know their policy on missed payments. If you satisfy their lending criteria there's not much else you can do but cross your fingers

CampNou

Sorry they are late payments not missed payments. Are there any difference? thanks

Foxy-Stoat_3

Late payments are just that, payment date missed but you paid shortly afterwards.

Missed payments would be arrears.

Both will have a negative impact. Have you spoke to your broker yet?

CampNou

Foxy-Stoat wrote: »

Late payments are just that, payment date missed but you paid shortly afterwards.

Missed payments would be arrears.

Both will have a negative impact. Have you spoke to your broker yet?

Yes, he is going to try an approval in principle today or tomorrow. No one knows what would be the outcome. Good learning curve for everyone.

CampNou

It is in 'referred' status now. Decision to make within next couple of working hrs. Does it take so long for AIP??

CampNou

AIP accepted. Valuation done. Preparing full application now. What are the factor that lenders are considered to give approval from AIP to Full application?

CampNou

Hi All,
Part of deposit coming from our very close family friend as a gift (£5K). I already have that money in my account. He is a IT contractor & have a good saving in his account. He would sign a 'Confirmation of gift' form to confirm that money is an unconditional gift. Would that be accepted or need more proof like bank statements etc? Thanks

Dave_Ham

You need to check with the lender, as most will only accept gift from family member.


Some will just want a gift letter, others will want 3 months bank statements.