Questions regarding new mortgage application

Joer567i

Hi there!

My name is Joe and I've been a Peeping Tom on this fourm for over 2 months.

I thought I may as well register.:rotfl:

I need some help from the experts.

We have a deposit of £35,000. We are looking to borrow around £150,000. Me and my partner income combined is £45,970.

We are about to submit our mortgage application on a house of our dreams.

However I'm slightly concerned from 3 years ago to 2015 I've had 3 payday loans (mainly 2 from 2013 and 1 start of 2015 also I had a agreement with lender to freeze interest on CC to allow me to pay it off and it shows settled on my CR now and a few late payments.

Upon checking my credit report all these previous debts show settled on my credit report.

Since then I've had a credit card from Capital One that I've always paid off on time in full and have phone contract never had late payment etc.

Do lenders look at present history apposed to past?

Current situation I have no debt apart from a phone contract. Everything else e.g. car insurance paid in full.

I have been very good at managing credit now. My partner has a perfect credit score no late payments ever. My credit score on noddle shows 4/5 with credit score of 625 and on clearscore 485 (round abouts)

I am thinking a broker would be a sensible idea.

Some info on us: Both 24 both in full time employment. No defaults or CCJS. Never been made bankrupt. I keep my credit card balance below 20% of total limit of £1,500.

I'm thinking with mortgage application provide all debts where late payments was and be a honest and transparent as possible? to make us look as attractive as possible.

Thrugelmir

Joer567i wrote: »

Do lenders look at present history apposed to past?

Lenders use the full 6 years i.e. 72 months of data. The recently completed ARP may be a concern for some lenders. As may appear you've saved the deposit at the expense of your creditors.

amnblog

This is definitely manageable but it is also definitely a case for a broker.

Joer567i

Hi there,

The lenders were all paid off in full and shows settled on my credit report.

Joer567i

With regards to a broker.

Can anybody recommend any?

Joer567i

I too look at this also as I have been very good for the last year and managed credit as good as anybody could by paying off in full each month.

kingstreet

Joer567i wrote: »

start of 2015 also I had a agreement with lender to freeze interest on CC to allow me to pay it off and it shows settled on my CR now and a few late payments

For some lenders an AP marker in the last two years is an automatic decline, so a broker is essential here.

Joer567i

Hi Kingstreet.

This was exactly my concern.

That this would close the market of for me and then be forced into high interest rates etc.