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Late payments but high deposit

NatashaMcilveen
NatashaMcilveen Posts: 5 Forumite
Fifth Anniversary Combo Breaker First Post
in Mortgages & endowments
I'm looking to buy a property roughly 110,000 my partner and I have 20,000 and have recently cleared off all our credit and overdraft. The only problem is while I haven't had any late payments (in the last 12 months) I have had a history of late payments between 2017 and 2019 there's about 10 in total. These payments were just a day out in most cases but obviously, it doesn't matter and looks bad regardless. This was a littlewoods account and I had had a lot of issues with payments with them and have contact them to dispute this but I am so frightened as to how much of an impact this will have. Especially due to the current circumstances. Any advice!? 

Comments

  • K_S
    K_S Posts: 6,908 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    @natashamcilveen Depends on the rest of the scenario, but generally speaking you should have options at 85% LTV based on the limited info in your post.

    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. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • NatashaMcilveen
    NatashaMcilveen Posts: 5 Forumite
    Fifth Anniversary Combo Breaker First Post
    What would be the basis for 85% LTV  my credit score is quite high and the only issues flagged up have been the history of late payments. I've been unable to dispute the late payments with littlewoods they said even though they're only a few days out they won't change it. 
  • K_S
    K_S Posts: 6,908 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 6 May 2021 at 11:52AM
    @natashamcilveen I said 85% LTV as you mentioned a 20k deposit on a 110k house.

    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. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • MWT
    MWT Posts: 10,784 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    ... if you can find another £2k to raise the deposit to £22k you'd bring the LTV down to 80%.
    There are no steps in between 80 and 85%.
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