Will we get a high street mortgage??

optimisticTom

Hi,


could do with some advice on our situation. We are currently looking to move house but I want to know what our chances are of getting a high street rate mortgage. We are looking at properties around 250K and would need 70%LTV. Here are our positives and negatives....


Positives

• Our joint income is £75K per year
• Our current house is worth 145-150k and we have around 75K equity which will form our deposit.(we have a small amount of cash that will cover moving costs)
• Both in secure jobs working for same company for 10 years plus
• No CCJ's or defaults

And here are the negatives

• I have 12 late payments logged on my credit file with the most recent ones being 2 years ago. This was during a period of my life when things went pear shaped. No late payments whatsoever for 2 years. All of the late payments are '1' markers with no consecutive late payments.
• We owe around 15K in unsecured debt. This was MUCH higher however we have cleared 25K in the last couple of years. The debt is coming down very quickly. (We have no payday loans or subprime lending)

so, what are our chances of a high street rate mortgage? I guess the late payments will be the biggest issue. I know that they will remain on my account for 6 years but does the fact that they are 2 years old make a difference?


Any advice welcomed


OT

amnblog

There are some mainstream lenders I would expect you could place this with.


A number that wont be interested.


One for a broker.

optimisticTom

Thanks amnblog


Would it make much difference if we waited another year?

stator

optimisticTom wrote: »

Thanks amnblog


Would it make much difference if we waited another year?

The further behind you can leave your negative credit the better.
Do you have any negative credit marks on your credit report that are between 5-6 years old? If there's something major there it would help to wait another year. But it wouldn't do you any harm to talk to a broker in the meantime either.

optimisticTom

stator wrote: »

The further behind you can leave your negative credit the better.
Do you have any negative credit marks on your credit report that are between 5-6 years old? If there's something major there it would help to wait another year. But it wouldn't do you any harm to talk to a broker in the meantime either.

Apart from the late payments there is nothing adverse on my report. None of the late payments are more than 1 month late. I have no CCJ's or defaults etc. Just the late payments.