First time buyer - mortgage advice

DtBunkSheeit

Hi all,

I've been scanning through the forum and have picked up a lot of great advice, but I am in need of some reassurance or just some help to manage my own expectations.

I'm a first time buyer, looking for 20% Deposit / 80% LTV mortgage. I've had no problem in getting a couple of decisions in principle for the value I am looking for but my credit history is worrying me. All the usual hygiene factors are fulfilled, full time employed, long history on electoral roll etc.

Current scores on Equifax and Experian are "Good" and "Excellent" respectively, I've got zero credit card debt/loans balances but of course a couple of long term credit cards and a long history of taking out/paying off loans/cards etc, so a long history stretching back to circa 2005

My issue is this... I have 7 missed payments across 2 credit cards and a unsecured personal loan over the last 4 years, with the most recent being just in Feb 2018 (due to moving house and having no DD set up and just missing paying off the balance). All of these are tagged as "1", so one month late.

Can anyone give me some thoughts on likelihood of decline or the value being offered for lending being lower? I am dreading putting in an offer and having the mortgage declined or the value being offered being much less and scuppering my plans for houses I am looking for.

Long post, appreciate any comments, I fully expect at least 3 to 5 comments referencing "how long is a piece of string", but appreciate these nonetheless.

Thanks

jaelato1

You need a whole of market broker and I wont be going to no fee broker for your situation either. But it is do-able if its just missed payments.