Applying for mortgage.

ktcoil

Hi we are current about to apply for a mortgage with our bank as they looked into some details and looks like we maybe ok but still have to do application.


We have just got in touch with a mortgage adviser and they said print of the free Equifax report and there shouldn't be any debt/missed payments in the last 6 years.


A few years back I was in a lot of debt as living alone and previously had a hire purchase loan, credit cards etc etc.


I have noticed that one of the black horse loans I was still missing payments in 2013, settled in 2013 as well but this is 3 1/2- 4 years.


could this now affect our application for first time mortgage, I am forever getting offered loans/credit cards etc but don't accept, I got a Barclaycard a couple of years back to help build my credit score back up and put a little on each month but payed in full on due date each month.


thanks

MEM62

ktcoil wrote: »

could this now affect our application for first time mortgage?

Possibly, but that will depend on the banks lending criteria and nobody here will know what that is. You'll just have to apply and see what happens.

sivs

It might be better to speak to an independent broker who will be able to offer products that will accept you despite the few missed payment.

I personally don't think these will cause you to much problem as they are a few years ago but a broker would be able to advise better or you can post in the mortgage section on here.

ktcoil

Thanks, we have recently set up with a mortgage adviser and I noticed this when they asked for my credit report and after reading it myself first noticed it.


Spoke on the phone and they said shouldn't be a issue at all.

MrsTinks

ktcoil wrote: »

Spoke on the phone and they said shouldn't be a issue at all.

Kind of true - as in it may not stop you getting a mortgage - false in that it may stop you getting the best deals and you may as a result not be considered by some providers at all...

Likely is that it will give you a higher rate than you were hoping but that is because you are considered a higher risk because in their terms it's not that long ago that you were unable to manage your debts and finances. They work on facts.

Husbeast and I changed mortgages when we moved in together and he had a default (long story - joint account with ex - all letters went to her, he thought it was closed etc - it was settled and paid as soon as we found out) - didn't stop us remortgaging but then it wasn't either of us having a first mortgage...

Independent adviser will definitely look for the best deals for you