We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Chances of 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. Thanks
0
Comments
-
To be fair that is their criteria but I had 3 missed payments in the last 2 years and they still gave us a mortgage… I panicked the same as you.0
-
It’s so stressful! All I think about is mortgages even in my sleep.misscaraxo said:To be fair that is their criteria but I had 3 missed payments in the last 2 years and they still gave us a mortgage… I panicked the same as you.It’s a little reassuring that you got accepted. I’m hoping that as that is the only thing outside their lending criteria and being boosted by my credit rating that they will accept us. 🤞0 -
Just an update for anyone that is in a similar situation, application went in today! Mortgage agreed subject to valuation this afternoon! 😬1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards