Nightmare mortgage search!!

Jaywood89 wrote: »

That’s a typo sorry it was 119k

Okay, well going back to your initial question. Your default with Natwest from 9 years ago is outside the 6 years that these are held on your credit file, so even if Natwest didn't rectify it you should, probably, be okay.


The two late payments from April will hurt your credit score. As you say in your OP that Bluestone have already done a credit search, obviously they do look at these, rather than just affordability as you believe, or your partner wouldn't have failed his.


So what you can expect is at best to squeak through a mortgage application with Bluestone to borrow £119,000, which is you maxing out including benefit payments as income, at a whopping 7% interest rate.


To put that into context, good credit mortgages for your LTV are around 1.3% from a high street lender for FTBs. I'm assuming that your mortgage is fixed for a 2 year term - over this time you'll be paying over £10,000 in excess interest to Bluestone than if you and your partner just waited until you could get better credit.


Probably not what you want to hear but the most obvious solution to this is to not borrow £120k at a usurious rate of interest and use your, considerable, lump sum to purchase a smaller property, or flat, and live mortgage free for a few years.