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Original poster

Chances of a mortgage

10 replies

mizu · 11/05/2017 07:33

44 and DH and I are looking to buy first (and last) property.
Seen mortgage broker who asked us to do Noddle credit reports. We did, my score is very high, DH has missed two payments in the last 6 months so credit score is poor.

Mortgage broker says he has looked around and Halifax have said no, and he thinks no one will lend to us for a year or so.

We only have 13,000 saved currently and that has taken us years to save. Two DDs and live in an expensive area of the country, partly so the girls can go to a good state school but I teach here and we love it.

DH told me last week that our own bank have said to him that we could get a mortgage with them.

I haven't been in to talk to them yet, would this be possible do you think??? I have been with them forever but don't think this kind of loyalty matters anymore.

OP posts:

UrethaFranklin · 11/05/2017 09:04

Do you know why Halifax said no, was it due to missed payments or affordability?

What price property are you looking at and how much do you both earn?

Original poster

mizu · 11/05/2017 12:57

Dh on about £25,000 but earns more due to overtime. Me, £22,000 but currently on £31,000 due to maternity cover.
I think it was the missed payments, yes.

Price of property, it will probably be a flat around here, £200,000 at most. I've shot myself in the foot really, fab state secondary school, all the kids walk to school. I would need to move a while away to get something cheaper, I am prepared to move a mile away maybe, would be happy for them to walk that.

OP posts:

UrethaFranklin · 11/05/2017 13:19

Did your broker explain why he doesn't think anyone will lend to you for a year or so? Tbh it sounds like you need a new broker. 2 missed payments, whilst not good, shouldn't completely stop you from getting a mortgage.

Original poster

mizu · 11/05/2017 16:03

Thanks for reply. He said it was the poor credit history and that he had looked at the Halifax ( who he got a mortgage with for my sister) and they were wanting a 35% deposit due to that.

I have been told to try Town and Country or is it London and Country but am conscious of looking into mortgages in too many different places.

Tbh, I have never done this before, I know we really need a bigger deposit but am so fed up with renting.

OP posts:

NotDavidTennant · 11/05/2017 16:17

London & Country will be able to give you a rough idea if (and how much) you'd be able to borrow without you having to make any kind of formal application or do anything that would show up on your credit history.

Bearbehind · 12/05/2017 07:53

I'm no expert but you seem to have a lot of factors going against you

being 44 limits the period you can borrow over, many lenders only lend up to 65, some 70
only having £13k deposit for a £200k house means you need well over 90% mortgage - what about the cost of moving fees?
looking at approx 4 times joint salary
2 dependents
2 missed payments in the last 6 months- this will be a huge red flag to most lenders- why would they think of lending a large sum to someone who has recently demonstrated, twice, they can't honour their other financial commitments on time?

A whole of market broker will be able to advise you based on your exact circumstances but mortgage lending is all about affordability and it looks tight for you even without the missed payments.

Bearbehind · 12/05/2017 07:58

Meant to add, about your debts. What do the missed payments relate to?

If it is debt balances which aren't paid in full each month this will further reduce your affordability.

BarbaraofSeville · 12/05/2017 09:10

If the missed payments are down to disorganisation, your DH needs to sort himself out. If they also caused bank charges, that's just money down the drain in addition to a ruined credit record that makes a mortgage harder to get and/or more expensive.

Original poster

mizu · 12/05/2017 20:23

Thanks all. Pretty depressing really.

Yes, H just being disorganised.

How is anyone with no parental support ever supposed to buy a house these days? Mortgage broker told me age didn't matter so much anymore as there are so many people getting mortgages later on in life.

OP posts:

Bearbehind · 13/05/2017 08:47

I'd definitely be looking for another mortgage broker if he said that about age- simple maths tell you if you are young enough you can spread payments over 30+ years the monthly payments will be lower, thus affordability more likely, than someone who cannot get a loan for more than about 20 years.

It will cost much more in interest but it does make lower monthly payments which is what matters in terms of affordability.

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