Mortgage approval chances.

Willow333

Hello,

I appreciate you reading my post and hopefully can offer some words of reassurance. 

Me and my partner are first time buyers, have a £25k deposit and had an offer accepted on a £250k home with a mortgage in principle with Nationwide.

Joint Income: £67,000 (expected to go up to £70,000 in August 24)

We are both in secure long term employment, been renting for 5 years and have resided at the same address for 5 years. 

The worry (please do not judge me, I was young a dumb) is I have 1 satisfied default on my credit report from May 2019 co-operative student account when I was 18 so it will drop of in May 2025. I also have 1 missed payment from 2021.

My partner has a good credit report apart from a couple of missed payments in 2021 when we went into Covid lockdown and he was self employed. He has since had a squeaky clean record since this. 

Do we stand a chance? 

Thank-you MSE peoples  

Mark_d

There a number of aspects which affect your credit worthiness - including affordability, utilisation of credit accounts, recent credit applications, being on the electoral role, unsecured loans.  If all these factors are in your favour, then I think you should be able to get a mortgage even if you can't get one with Nationwide.

ACG

You should be fine. 
If it does not pass high street, I am sure there will be little building societies who will be ok with the adverse.