Our situation / 95% LTV

FTBNow

I've read so many horror stories on the internet (some on this very forum!) and for - hopefully a peace of mind - I'm going to disclose my situation and hope it won't be as bad as I think it will...

We're going for a 95% LTV with Santander (AIP achieved and about to do full application). My partner has an absolutely flawless credit record and, up until about 7-8 months ago, mine was too.

I've had a couple of late payments on accounts that are now closed: one for £5 (now over 12 months old) and another for £14 (about 10 months old). I've been in overdraft (arranged only) that is now paid off, and I have a credit card that is fully paid off each month as it is only used for petrol etc (it's a Santander 123 so I do it for the cashback)

I've also had a PDL, the most recent being 7 months ago (fully paid off the end of the month). I'm aware Santander have no issue with PDL in themselves, but coupled with the late payments I'm really worried.

We were refused an AIP by Halifax but got one easily enough with Santander, arranged by our broker. We both bank with Santander and I've held my current account for 9 years and my credit card for 6. As I said: never been out of arranged overdraft even in my student days, never exceeded my credit limit. I've had car finance for the full term that I've never missed payments or defaulted on and fully paid off (now have new car finance that I haven't missed payments on), and I've been with my phone company for my phone bill for 6 years and never missed a payment on that.Apart from these two with two missed payments I have never missed a payment on any other account.

We earn £3,200 a month between us, and my debts total to about £390 of my monthly wage (which is shy of £1,600) - most of which is the car finance. The rest is for a work laptop and a phone.

So, am I worrying for nothing? I'm just terrified due to all of the stories you read on here. We've found a house we love and have had a bid accepted, and I just don't want to see it fall through due to my stupidity a few months ago, especially after having an absolutely spotless credit record for six years.

Candyapple

I'm not a mortgage broker so can't advise you on your issues but this did jump out at me:

FTBNow wrote: »

I have a credit card that is fully paid off each month as it is only used for petrol etc (it's a Santander 123 so I do it for the cashback)

You do realise that the 123 card since they dropped their rates over 2 years ago that it is pretty much worthless?

It used to be 3% of up to £300 on fuel/transport and it's now limited to £100. So even if you spent £100 per month, the £36 you'd earn a year gets wiped out by the £3 per month fee.

FTBNow

Really? I may just pay it off for this month and then cancel the entire thing, then: as I said, I only use it for petrol and around Christmas time for gifts.

Thanks for the advice!