Credit Card Late Payments and Mortgage Application

csgohan4

every lender has different criteria and an experience broker will have a good idea what they are through their previous clients and own experiences.


Going it alone while not be impossible will not be easy, especially so if you have issues on credit files

swishy87

Whistler23 wrote: »

We would still have 10%. We have cash left over but we would like to hold that back for spending on the property once we have one.

As previously stated we would now not put stamp duty on a credit card. I hardly see £2,500 as bad idea. But we will now pay the £2,500 cash and spend that money on decorating on the card.

I have been on nearly every single affordability calculator there is. I have been 100% honest, even to the penny, and rounded up when they don't accept pennies. I've even included childcare costs. Which is something that can very easily be hidden. And every single one (although they vary greatly) will lend us in principle what we would like to borrow and going with someone like Nationwide who will go up to nearly £300k which we do not want. As we would be stretching ourselves.

Never said it was the banks problem. The problem I have is they do not explain everything. If they had even mentioned credit files I would have just borrowed a couple hundred quid of the 10s of family members we have between us. I did not know it would cause a problem.

Thanks, we have done the saving, we have the cash needed. I just would like to know if a late payment 11 months ago will be a problem with Barclays, Santander, Nationwide etc.

Also, with Nationwide if you have any debts such as loans, car finance, etc. due to finish in the next 6 months then they won't count them in the affordability. We've just completed on a mortgage with Nationwide and they are quite generous but we found very simple!

Thrugelmir

Whistler23 wrote: »

I have been on nearly every single affordability calculator there is. I have been 100% honest, even to the penny, and rounded up when they don't accept pennies. I've even included childcare costs. Which is something that can very easily be hidden. And every single one (although they vary greatly) will lend us in principle what we would like to borrow and going with someone like Nationwide who will go up to nearly £300k which we do not want. As we would be stretching ourselves.

Ultimately the decision is equally yours. Better to be honest with yourselves. Than impose a burden with a high level of debt that results in you not enjoying life etc. Interest rates will one day rise to a much higher level. So consider the long term as well as the short. Only you know the security of your employment etc. Being a single pay day away from financial distress is not a comfortable way of living. The Debt Free Wannabe Board is full of tales from people who bit off more than they could chew.