Advice sought re:HTB acceptance

Rafa1892

Hello all, new to the forums. Was just wanting to get some points of view/opinions on me and my partners current situation.

We are potential first time buyers and are wanting to get a HTB property. We are booked in to see a mortgage advisor on Tuesday, and I'm a touch worried that we might get knocked back due to previous money trouble I had when growing up.

During 2011/2012 I got stuck into the payday loan cycle of hell, and incurred a lot of late payments and 3 defaults from it, all dated in 2012. The accounts are all settled with the lenders, and I am debt free. But I'm afraid these skeletons in my closet may come back to bite me.

I have had no significant late payments in 3 years, the only one being a disputed account with EE, which is now settled as of 2016. (£150)

My wage is £24k p/a and I have been at the same very safe workplace for 8.5years. And I am saving £600 a month into my savings account for our hopeful deposit on a house.

My girlfriends credit report is fantastic, never missed a payment, 1 year left on her car payments but no debt at all apart from that. She earns £19k p/a and has been at the same job for 2 years.

We have £11k saved between us and the property we are looking at is 200k, and we would be looking at 5% deposit/20% equity loan/75% mortgage

I guess the top and bottom of it is that I really do not want to let her down. And my credit now is the best it has been ever. I know we won't be far away from our goals, I'm just wondering if anyone could shed some light on a potential realistic timescale?

Also, Could anyone shed any light at all on whether or not we stand a chance of acceptance under the HTB scheme? Or does my previous issues make this difficult?

Kind regards,

Rafa1892

My credit report on Experian is fair and my partners is 999. Forgot to add this above

kingstreet

HTB is based only on affordability and you being able to get the required mortgage.

What exactly;-

I have had no significant late payments in 3 years, the only one being a disputed account with EE, which is now settled as of 2016. (£150)

does this mean?

Missed payments, default? If so, what date(s). On which credit file(s)?

Anything recent will cause an issue. Historic adverse is easier to manage.

Rafa1892

This was a default registered in 10/14. Cleared last year. This was a £150 bill from a EE for a disputed contract over a missold iPad.

The default is showing on all credit files/but that is my only 'blip' in recent years.

In terms of affordability, from what we are saving now, I don't foresee and issues. But it's my credit history that is causing me concerns

Thanks for your reply

Kind regards

Rafa

BLOW_FLY

How much is outstanding on the car payments, is it a HP or PCP / lease?

I think this will have quite an impact when the lender looks at affordability etc.

BF

Rafa1892

£1800 on a payment plan for outright ownership. If he highlights that as an issue. We would pay the car off outright from savings

Rafa1892

Do we stand a chance then? Ive heard only good things about the advisor/broker we are going to see, so I'm hopeful there will be a light at the end of the tunnel.

Rafa1892

Anybody there?

katebl

My mortgage broker told me if there were only 6 months left on a loan the majority of lenders would discount it from affordability, worth bearing that in mind when you don't have a high deposit and are looking at paying that off from it,

Rafa1892

Thanks Kate, will bear that in mind.

Rafa1892

Got everything ready for our visit to the advisor tomorrow. I'm scared but hopeful will keep you all posted on progress

Thanks for help so far all