We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage application
ajthatcher45
Posts: 8 Forumite
Hi
We have been told today that we wont be able to get a mortgage by our broker because of problems on our credit file that says we have missed payments in the last 24 months. We have been on an interest only plan for a while 18 months ago and was late twice with a payment.
We have an NRAM mortgage and it has been a nightmare with them since we moved from Northern Rock. We have tried talking to them to rectify the matter but they wont budge.
We are in a very good position with a good deposit of 55% and need to borrow £142,000.
He says there is no one that will lend to us if we show a problem with mortgage payments in the last 24 months. Is this true??
We have been told today that we wont be able to get a mortgage by our broker because of problems on our credit file that says we have missed payments in the last 24 months. We have been on an interest only plan for a while 18 months ago and was late twice with a payment.
We have an NRAM mortgage and it has been a nightmare with them since we moved from Northern Rock. We have tried talking to them to rectify the matter but they wont budge.
We are in a very good position with a good deposit of 55% and need to borrow £142,000.
He says there is no one that will lend to us if we show a problem with mortgage payments in the last 24 months. Is this true??
0
Comments
-
Not quite, but if it is possible it will cost you considerably more than NRAM are charging you.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
It may not cost more, chances are it would be in the same ball park as NRAM - although I am assuming the late payments were not on your Mortgage.
Why not just overpay on your mortgage to make it the same as a repayment one? Ie if your paying £300 a month on interest only but a repayment mortgage would cost £400, then make £100 a month overpayments?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I, unlike ACG, assume that the issue (temporary IO / late payments) is on your NRAM mortgage.
If I am wrong, his evaluation is probably correct.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards