First time buyers advice

carlairish

Hi - my partner and I have seen a house we would love to buy we have an appointment with a mortgage adviser on Friday, just looking for some advice if we have any chance before we get our hopes up.

We both have good credit scores no defaults etc although I had 1 missed payment about 2 years ago I literally just forgot to pay it the day it was due, itwasn't that the payment bounced or anything.
We both have credit cards with £1500 limit and both have £1000 on ours and I have literally just started a new job 2 weeks ago although I have never been out of employment for around 8 years. we have 10% deposit gifted by my dad for a house valued at £124,000 but could maybe stretch to around 15% if needed.

Thanks

logie48

Theres noone who'll reply to this as it is a such a generic question, that will have many, many answers.

Best bet is to read the mortgage advice guide given on the MSE website. That will be a good starter. If not, I'm sure the mortgage advisor will be able to answer more specific questions you have, and if they're worth their pennies, they should be able to identify your weak spots.

AnotherJoe

Are you in a probationary period in your new job ?

Hutch100uk

You can't have a good credit score with a late payment so that is strange. Credit score means NOTHING to lenders, they look at the details in the report. So the late payment may be a problem.
Also your new job may cause issues as the bank will need 3 months payslips - I'm sure there are ways around this but you're best getting a broker involved.

Exodi

Hutch100uk wrote: »

You can't have a good credit score with a late payment so that is strange. Credit score means NOTHING to lenders, they look at the details in the report. So the late payment may be a problem.

This must be sarcasm?

OP as you haven't stated income (or any details really), no one can say.

If you're going to your banks mortgage adviser, I'd save your time - it's very unlikely your bank will other you the best mortgage. You should opt to use an independent mortgage adviser/broker.

Assuming you earn ~£25,000+ between you, you shouldn't have too many issues but you'll need to use a lender than doesn't mind short employment history (hence recommending a broker).

I recently got a mortgage offer on a job I'd been in for 1.5 months, they were just keen to see I'd been in continuous employment.

spadoosh

People are generally more worried about applying for a mortgage than they need to be. The key is to be realistic with yourself.

There might be the odd lender out of hundreds of lenders offering thousands of products that doesnt like the late payment. There will be far more products available who are happy to accept a single late payment.

Same again applies to debt. There will be far more lenders willing to lend to someone with debt than there are lenders who refuse to deal with people who have debt.

The other aspect to look at is cost. So if you compare payday loans with a generic bank loan theres a big difference in cost. This is because payday loans are more risky for the lender, like lending to someone who's missed a payment before. So they get offered products that have a higher interest rate. Higher the risk, higher the rate.


Maybe i was lucky when i applied for my mortgage and got away with it. I had left uni within the previous 3 years and was still paying back a student overdraft, and a couple of credit cards. I was also working 2 part time jobs which was a much bigger issue in my application than any of the many late payments that where on my credit report and the thousands of pounds of debt that was there too. They also didnt even mention a credit card i had forgotten to mention to them (was only about £50 balance).

Be realistic and dont overstretch.

Hutch100uk

Exodi wrote: »

This must be sarcasm?

Which part? I've read over and over again on these forums that the scores mean nothing as the lenders use your full report to assess you. I still find it odd you would have a high score with a late payment.
I had 2 late payments which were a mistake and it was those that gave me a terrible score.

carlairish

Sorry for the lack of details I'm not in probationary period and I earn £17,000 a year salary and partner is on just over £26k