Mortgage in the future - is it a pipe dream?

BethArmett · 23 August 2020 at 3:19PM

Hello everyone,
I am looking to apply for a mortgage in approx two years. In that time I will have saved 10% using a LISA and my Halifax savings account. However, at that time I will have 1 missed payment (5 years 9 months old) and 7 payday loans (2 years 6 months old) at the time of my application. All being well, do I stand a good chance of being able to get a mortgage with a broker?

For further information I am a first time buyer applying as a solo applicant and I am looking for a 90% LTV, borrowing approx. £90,000 over a 35 year period. I know that a lot can change in two years but any information anyone can give me would be much appreciated. Other than the late payment and payday loans I have no defaults, all of my accounts are in good standing order, I have a long credit history with accounts of over 5 years old and a low utilisation rate. Thanks!

britishbug · 23 August 2020 at 3:57PM

I was practically in an identical situation, in Feb I was offered a 95% LTV with my partner so I’m sure you would be fine. My only advice is to use a broker, they’ll make the whole process a lot let stressful and find the right lender for you.

BethArmett · 23 August 2020 at 4:03PM

britishbug said:

I was practically in an identical situation, in Feb I was offered a 95% LTV with my partner so I’m sure you would be fine. My only advice is to use a broker, they’ll make the whole process a lot let stressful and find the right lender for you.

Thank you so much for replying - it's a relief to know that there's still hope. I've read quite a few posts of people using brokers with success. Fingers crossed it all goes smoothly!