Complicated mortgage help!

KMillie2

Hi,

I am looking for some much needed advice. My husband and I are looking to get a mortgage. We are first time buyers and self employed.
I am in a pickle!
We first done a quite credit check on equifax. My husband was excellent and mines was fair (no credit history not due to bad credit)
We went to a IFA who did a affordability calculation on us. Once he did he was satisfied and applied to santander. We were declined. So dissapointed he asked us to check another credit file. We logged on to Noddle and his credit comes up Poor!! (How can they be polar opposites!!:mad:)
Anyway on further investigation we found that he had 4 late payments last year for his car payment. All the rest of his 6 years is completely squeeky clean!
We are going to phone barclays to get exact dates as it is looking likely we will contest 1 or 2 as May and June was a result of going on holiday and having no access to our account however we paid these as soon as we realised and paid then both together so I can't understand why June would be late and November our bank had cancelled the dd which we will also be investigation. According to our bank statements all payments have been made in the correct month accept may when there was 2 payments made. But all were paid very close to due date. We are up to date with payments.
Anyway due to this it looks lile we are now unable to get a mortgage so I have been researching for the last week to see if there is any hope.
We have 10% deposit maybe more if the house is less!
I have only opened a bank account. I used my husbands and a lot of my clients payments went into my dad's account as I was saving and it would allow us to only use it when needs be as I would have to ask him to transfer it( which I tried to do as little as possible) this really helped and we managed to save a relatively big deposit. I have always done my tax and accounted for everything, have all my invoices up to date and paid my tax however it's not in my account. We have always been very careful with money and that can be seen on the credit report but now we have these black marks! I doubt they will take them off so I don't know what else to do. We have rented for 8 years and never missed a payment(my rent payment would be well above my mortgage monthly payments!) My landlord of 4 years is now having to sell so is wanting to put it up late feb/early March. If we can't get a mortgage we will have to rent which will mean it will take a big chunk of our deposit! We are pretty dire straits with 2 kids and we are panicking. So sorry for long post( worried typing ) Please don't judge we just need help.
Thank you in advance

KMillie2

Can I add that each time we phoned up barclays (car payment) they assured us if we paid it will not affect our credit score! Due to time/ paying both together etc This would have been recorded but what the manager was saying that it was a mistake but that would be 3 or 4 people making that same mistake? As when we phoned to investigate the person on the phone told us that what we had previously been told that it would affect it was true.

Thrugelmir

Late payments will be recorded as such on your credit file. Everybody gets a second chance as occasionally things do awry. When a lender obtains data from the CRA's they will benchmark you against their own internal criteria. 4 late payments would be regarded as extreme less careless to say the least. Highly likely will exclude you from many lenders. Will you be reliable enough to pay the mortgage on time every month for 25 years. That's the question lenders will be asking themselves.

The person on the end of the phone may not have been aware of the previous occasions in their defence.

demon99

As above banks use an internal scoring algorithm which factors in data from your credit file as well as risk appetite, type of customer and many other factors to determine if they will lend to you.