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Late payments - 95% mortgage
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RJ10
Posts: 6 Forumite
Need some advice please!!
I am hoping to buy a new build property at 359,995 with 5% deposit (£18k). Trying my hardest to avoid the H2B scheme so broker has suggested 95% mortgage which I am happy to do. Credit check went in today and came back with 5 late payments on an old credit card I had. Balance was cleared and account closed down late 2011. Will this mean I will be declined if I put in the full application?
Annual salary is 77k and last annual bonus was £40k. I have a credit card I opened in June '16 which is paid off in full each month. I have no other credit commitments except that.
please help... nervous wreck!!
I am hoping to buy a new build property at 359,995 with 5% deposit (£18k). Trying my hardest to avoid the H2B scheme so broker has suggested 95% mortgage which I am happy to do. Credit check went in today and came back with 5 late payments on an old credit card I had. Balance was cleared and account closed down late 2011. Will this mean I will be declined if I put in the full application?
Annual salary is 77k and last annual bonus was £40k. I have a credit card I opened in June '16 which is paid off in full each month. I have no other credit commitments except that.
please help... nervous wreck!!
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Comments
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Personally I don't think it will cause any issues due to the fact it's 6 years old. I know if I processed your application and it declined on this basis I would more than happily argue your case as long as everything else stacked up.
When you said about the credit check, was it the lender who flagged it up?0 -
Thank you!
Yes, lender flagged it up but at the same time granted AIP and told broker to submit full application. Said they would need explanation for missed payments though0 -
If you've been approved for the AIP after the lender has acknowledged the adverse credit then I would assume you have a decent chance of approval.
Who is the lender?I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Halifax newbuild special?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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This is a relief but still nervous playing the waiting game.
Lender is Furness Building Society.
First I'd heard of them but I'm keen to avoid the H2B scheme so willing to try. Plan is to remortgage after 2yrs.0 -
Furness Building Society0
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My first thought would be £77K salary, £40K bonus and only £18K deposit? I would normally expect someone with your level of income to be in a better financial position - at the very least in terms of a larger deposit.
The impact of the defaults should be diminishing because of their age but, bearing in mind the above, are there any other factors that will impact your mortgage application? (Other debts or financial commitments etc)
What is the overriding reason for avoiding HTB?0
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