First time buyer need some help

Sean_cousins_2

Hi all,

I have put a application in to a lender after speaking to a mortgage advisor, we thought for affordability the best action to take was to close my credit card accounts which I paid in full last month. I have cleared all of my loans up and the only ones out standing are my car finance, insurance and mobile phone.

As my partner has a very bad history of credit I will be only one on the application, my only questions are -

I have over 10 settled accounts 14 I think in total but I have 2 late payments both over 12 months one is almost 19 I believe they are both status 1 but are on the same loan the loan is paid off and has been for atleast 8 months.

Is this likely to cause a refusal ?

We have put together a 10% deposit and only planning on borrowing 54400.

Any advice would be great as I'm rattling my brain out about it.


Thank you in advance.

SavingSteve

Wait and see, different lenders look at these risks differently.

Did you go to an independent mortgage advisor or spoke to the one at the bank? Were they aware of the above late payments on your file? If so they should've thought about which lenders were best for your situation before putting the application in.

Sean_cousins_2

It was an independent advisor,

Unless she looked at my credit report then no she didn't know as I wasn't aware of these until I went through to check.

Thank you for replying

csgohan4

did you give your credit reports, all of them, to you broker,


If they didn't request them, change our broker

amnblog

This is all a little worrying.

The broker puts in a case without checking the credit file.

The borrower has little enough confidence in the broker to ask questions on here that should be going to the broker.

You have put an application in Sean and you should wait and see what happens. If you get declined you may wish to consider if you have the right broker.