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Getting a mortgage with missed payments
Karlos88
Posts: 5 Forumite
Hi, I’m after some advice!
I currently own a house which is sold and going through solicitor etc at the moment. I am wanting to buy a new build property with my partner and we have found the house we want. The trouble is my partner has missed payments and payday loans on credit report. I am really concerned that we won’t be accepted for a mortgage.
I currently own a house which is sold and going through solicitor etc at the moment. I am wanting to buy a new build property with my partner and we have found the house we want. The trouble is my partner has missed payments and payday loans on credit report. I am really concerned that we won’t be accepted for a mortgage.
Here are the details:
income -
P1 - £38900
P2 - £34900
We have a 5% deposit and 5% from the builder. House price is £254,995.
My credit report is excellent, no missed payments etc, paid a mortgage for nearly 5 years. Have a loan that’s £420 per month, other than that no other financial commitments.
My partner has a fair credit rating, nearly good. However had pay day loans in the past, the latest settled December 2019. Also has a capital one credit card with a limit of £200. Missed payments 3 months in a row Oct, nov, Dec 2019. Then up to date and missed 2 payments feb and March 2020. Since then all payments made in time.
income -
P1 - £38900
P2 - £34900
We have a 5% deposit and 5% from the builder. House price is £254,995.
My credit report is excellent, no missed payments etc, paid a mortgage for nearly 5 years. Have a loan that’s £420 per month, other than that no other financial commitments.
My partner has a fair credit rating, nearly good. However had pay day loans in the past, the latest settled December 2019. Also has a capital one credit card with a limit of £200. Missed payments 3 months in a row Oct, nov, Dec 2019. Then up to date and missed 2 payments feb and March 2020. Since then all payments made in time.
MB has our credit reports and is going to try place us with Barclays. DIP done on 04/06/21, hard search showing on credit reports and approved subject to underwriter approval. I have read Barclays lending criteria and it says no missed payment of 3 or more in last 2 years. Which I’m thinking we don’t meet criteria. I have expressed my concern to the MA however they seem to think it will be fine.
Am I worrying about nothing? I know the MA does this for a living and will have dealt with these situations before but I can’t stop worrying.
0
Comments
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You'd be better off asking in the Mortgages & Endowments board. There are a few brokers there who may be able to help.3
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