First Time Buyer Mortgage Advice needed!

Ysabelrose

My boyfriend and I are looking to buy our first home! Our budget is around £270,000, we have a £50k deposit and have a joint income of £68,000. However, my boyfriend has a late payment on an Argos store card from January 2015 (this year). Will this effect our chances of getting a mortgage?

His father was in hospital after having a stroke and it was such a difficult time, he just missed the payment - we tried to speak to Argos and explain but they refused to remove the record. Apart from that we have excellent credit ratings with no defaults or CCJs but I have 1 late payment from 2011 on an orange mobile bill.

Thanks so much

kingstreet

Establish which version(s) of his credit file show this and which don't.

If it is missing from one of Equifax, Experian or Call Credit there may be scope for using a lender which sources data from only the one you prefer.

A broker will know who to choose and who to avoid, so obtain all three versions of his credit file and get them to a broker.

Ysabelrose

Thank you! So does that mean, with the late on his record, we definitely won't be able to get a mortgage unless it doesn't show on a different service?

kingstreet

I don't think I said that; but there will be lenders closed to you as you'll fail many automated credit scoring systems.

My route will get you a better rates than you might obtain from a non-scoring lender.