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Help needed! Credit issue re: mortgage
Pebbles612
Posts: 2 Newbie
Hi all, hoping someone can advise me a little.
Back in March I missed a loan repayment to Natwest. 100% my fault and now sorted. I also missed several payments to EE, for a wireless dongle.
However, I was told when taking the contract out that it was pay monthly, and after the term finished, if I no longer needed it, I could just cancel the DD and it simply wouldn't work.
I didnt recieve any correspondance until one angry letter demanding settlement, which of course I sorted and closed the account totally.
I am now trying to get a mortgage and this is giving me major issues. I have a broker who is confident she can get me a product as soon as FTB mortgages are reintroduced by the lender next month. They have seen my credit file etc so know everything.
My main issue is I really cannot wait - I am trying to leave an abusive relationship and have found a property for myself and my son. Prior to these incidents I had a good score and no missed payments showing. Is there any hope of getting either creditor to consider a GOGW and removing these late payments if I explain the situation?
I know I have more chance with EE as I was actually told factually incorrect information which is what led to the missed payments. However, with NW, the nature of my current relationship was a large factor in me missing the payment.
I have "proof" of the abuse as I have a support worker from IDAS and a police report has been made. My partner knows nothing about these or my plan to leave.
I would rather not be on tenterhooks waiting to see if my poor credit mortgage will be approved next month - the sellers have been wonderful and are happy to wait but I would just like more certainty I can proceed. I would also get away with a smaller deposit which would be great. I did have an AIP with NW but the credit file is whats stopping me going with a high street lender.
Thank you for any advice or thoughts.
Back in March I missed a loan repayment to Natwest. 100% my fault and now sorted. I also missed several payments to EE, for a wireless dongle.
However, I was told when taking the contract out that it was pay monthly, and after the term finished, if I no longer needed it, I could just cancel the DD and it simply wouldn't work.
I didnt recieve any correspondance until one angry letter demanding settlement, which of course I sorted and closed the account totally.
I am now trying to get a mortgage and this is giving me major issues. I have a broker who is confident she can get me a product as soon as FTB mortgages are reintroduced by the lender next month. They have seen my credit file etc so know everything.
My main issue is I really cannot wait - I am trying to leave an abusive relationship and have found a property for myself and my son. Prior to these incidents I had a good score and no missed payments showing. Is there any hope of getting either creditor to consider a GOGW and removing these late payments if I explain the situation?
I know I have more chance with EE as I was actually told factually incorrect information which is what led to the missed payments. However, with NW, the nature of my current relationship was a large factor in me missing the payment.
I have "proof" of the abuse as I have a support worker from IDAS and a police report has been made. My partner knows nothing about these or my plan to leave.
I would rather not be on tenterhooks waiting to see if my poor credit mortgage will be approved next month - the sellers have been wonderful and are happy to wait but I would just like more certainty I can proceed. I would also get away with a smaller deposit which would be great. I did have an AIP with NW but the credit file is whats stopping me going with a high street lender.
Thank you for any advice or thoughts.
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Comments
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The late payment to natwest will not be a deal breaker. The multiple late payments to EE will be the bigger issue, if you can get them removed I would crack on with that.
Not to sound heartless, but the abusive relationship/evidence etc will not factor into your mortgage applications.
The bit I am a little confused about is:
"I have a broker who is confident she can get me a product as soon as FTB mortgages are reintroduced by the lender next month. "
I have no idea what first time buyer mortgages are, typically the deals for first time buyers are the same for anyone buying a property. Occasionally you may find some extra incentives (ie a free valuation) but the criteria is not usually any different. If you can apply in a month, I do not see why you can not apply now.
I am a Mortgage AdviserYou 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 -
Thank you - sorry I meant would the circumstances help me with getting NW to agree to a GOGW re: removing the late payment. EE gave me the wrong information so I will try and remove that.
Re: the mortgage, my lender takes poor credit applications, which high street banks won't - they temporarily suspended some products due to covid but they are coming back in, surely I have to go with a FTB mortgage as that's what I am? I'm not selling or remortgaging etc.0 -
@Pebbles612 there’s no such thing as a first time buyer mortgage. What is your deposit? As if 10% or less assuming your broker means applying for the higher loan to value products when they are reintroduced to the market - the pandemic meant most lenders wanted a minimum 20% deposit.
Good luck to you and wishing better times for you and your son soon. Don’t give up
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