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95% LTV - should I be worried?
6.5x55
Posts: 3 Newbie
Hi,
With my partner, we've recently had an offer accepted on a house. We have a 5% deposit and enough for stamp duty, fees etc.
Our broker tells us that we're well within affordability.
We didn't think we've have any poor credit history, however, we've both checked our credit files today and while my partner's is perfect, mine does have one issue. That's a late payment on a credit card in August 2013. I looked back at my statements and it was indeed paid five days late.
From what I understand, this shouldn't show in 3 months' time, but that doesn't help us now.
Obviously i'll need to speak to the broker, but does this damage our chances? I know higher LTV is stricter.
Thanks
With my partner, we've recently had an offer accepted on a house. We have a 5% deposit and enough for stamp duty, fees etc.
Our broker tells us that we're well within affordability.
We didn't think we've have any poor credit history, however, we've both checked our credit files today and while my partner's is perfect, mine does have one issue. That's a late payment on a credit card in August 2013. I looked back at my statements and it was indeed paid five days late.
From what I understand, this shouldn't show in 3 months' time, but that doesn't help us now.
Obviously i'll need to speak to the broker, but does this damage our chances? I know higher LTV is stricter.
Thanks
0
Comments
-
No a late payment by 5 days in 2013 will not damage your chances whatsoever, lender won't even look that far back.
You'll be fine!I am a Mortgage Adviser
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.0 -
Phew!
I thought it wouldn't be taken into consideration given how long ago it was but I had a minor freakout earlier. We're both first time buyers and everything is making me panic!0 -
I would be worried about buying a property at 95% LTV at the moment, but that is just me.0
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