Would we get accepted for a high street mortgage?

Kmcliff

Hi,

Me and my long term partner are hoping to buy a new build house through help to buy equity loan. We both have good employed jobs with reasonably good salaries (Me £40k girlfriend £27k) excluding bonuses. We want to put down £20k deposit but could put down £30k if it would make acceptance more likely. House is £315k,equity loan £63k based on £20k deposit. 25 year mortgage term. Affordability calculators suggest this is affordable.

We have no outstanding debt or commitments, no children. Girlfriend has excellent credit history without blemish and has 2 credit cards with £4.5k & £3k limits both used but always repaid in full monthly.

I on the other hand have historical credit issues which stem from a difficult period around 2007. I have no credit cards at present (never tried to get one since my issues and I am additional card holder on my girlfriends cards). I just have utility bills, mobile phone contract and 2 current accounts with overdrafts in my name (don't use the over drafts).

I have no defaults or CCJs just 4x 1 month late payments March April may June 2009. I also picked up 2x 1 month late payments when I paid off my remaining balances on 2 cards in May 2011 which I think I might be able to appeal as I paid in full but was received a few days late. I also had 8 pay day loans between 2009 and early 2011 all paid off within month (these don't show on the report though?). No debt since May 2011.

Whilst my girlfriends indicative credit scores are all excellent. Mine are 972 experian, 385 equifax & 3 out of 5 call credit.

Initially we were going to wait until after June this year when the oldest missing payments dropped off but a great house has come available that we would really like to go for.

Any thoughts as to whether we would get a mortgage now or would our chances would be a lot better after June. Also whether a credit card for me now would improve my chances after June (I know it would be a negative presently)

Many thanks

M0ney

I can't offer much help but what I can say is that I had a default for around £100 in August 2009 which was then paid in 2011 but nothing else, I got a mortgage mid 2012 without much problem and I went directly to HBOS. I recently remortgaged for a BTL with Virgin Money direct again no real issues.

2012 salary = 20k, res mortgage = 71k, deposit = 8k (10%)
2104 salary = 55k, BTL mortgage = 63k, deposit = 27k (30%)

Hope this info is of some help to you.

Kmcliff

Thanks M0ney

kingstreet

Kmcliff wrote: »

I have just 4x 1 month late payments March April may June 2009. I also picked up 2x 1 month late payments when I paid off my remaining balances on 2 cards in May 2011. I also had 8 pay day loans between 2009 and early 2011 all paid off within month (these don't show on the report though?). No debt since May 2011.

Condensing all the OP into the above, that is not going to be a major problem.

Any decent newbuild broker working for a builder could place that quite comfortably.

Kmcliff

Thanks kingstreet

I'm going with the independent broker who the house builder uses so hopefully we will get a good outcome.