Mortgage Help

Blade200

Can someone offer some advice on the following info.

We are first time buyers
We have just put a reservation fee down on a new build
We have a 85% deposit on the 157000 purchase price

My partner had a car on finance 7 years ago and unfortunately was made redundant which led to her missing some payments. She has been slowly paying it of over the years and currently owes 2000 on it. After discussing this with the broker he immediately ruled out pretty much all lenders expcept Leeds Building Society and Accord which he said we have a chance if she settles the debt immediately. She will pay this tomorrow and try to get them to update Experian and Equifax file to show this as settled ASAP.

So with all that done what are the chances Leeds accept us? Has anyone else in the same position?

Thanks

ashp_2

Was this late payments or a default? When did the last late payment/default occur exactly?

Caz3121

Blade200 wrote: »

We have a 85% deposit on the 157000 purchase price

so you are looking for a 15% LTV is that correct? (mortgage under £25k) - or do you have a 15% deposit and are looking for 85% LTV?

Blade200

Sorry worded original post wrong we have a 15% deposit on 157500 so 85% LTV

The last late payment was about 5 years ago. Since then never missed one but she has been only paying it off by 80£ a month (stupid I know).

We knew this might cause issues. She is paying if off this morning but I have a bad feeling we won't get accepted

ashp_2

It will be gone from her credit file in a year. Is waiting not an option?

I think you still have options. People with worse situations than you get accepted. Make sure you have a whole market broker.

Blade200

Waiting is an option but this is a great site we have reserved. Plus as the price of the house will get higher at every phase.

Is it worth going to see another broker for another opinion?

Thanks for help

ashp_2

Blade200 wrote: »

Is it worth going to see another broker for another opinion?

Thanks for help

I would yes. Another opinion is always good! A whole market broker will be able to explore all options

Blade200

It's obviously the missed payments that's the issue and not the fact there is 2000 debt there? Such a shame as it was so long ago and for 4 years after hasn't missed a payment. Counts for nothing

Resolver

Hi I dont know if you have had any progress with your case, but if the case is in joint names there is a pretty simple way to get around the problem. Deposit is good. I find Leeds hard to deal with

Blade200

Do you mean a good deposit is the way round it?

We actually tried a new broker today and he contacted a couple of lenders and explained our situation. He said that 2 lenders might consider us so we have to submit our details and the he will take it forward with one and then the other if its declined.