Mortgage - nervous to apply

[DatingDickheads]

Hello all,

I am looking to buy a house on my own. Now a single parent. I have owned houses with my ex from about 1998 until last year. Currently renting.

My concern is my credit report shows 4 missed payments on credit cards. 2 in 2017, 1 in 2019 and 1 Early 2020.

I have a 20% deposit for the house I’m looking at.

Will the missed payments affect my change of being offered a mortgage?

I will be speaking with a mortgage advisor next week, I’m just sitting here googling about it all and thought I would ask for any feedback on here

A number of missed payments within a relatively short space of time and including just a year ago will flag you as a higher risk to a mortgage lender, yes. They suggest you have ongoing issues with managing money properly.

Your best bet is to contact a good all-of-market broker like L&C who will know which lenders are most likely to be sympathetic to bad credit and missed payments and where the best deals might be found. They may advise you that the interest rates you’re likely to be offered if you are accepted would make it financially advantageous to wait to buy for a couple of years until your credit improves and you’re eligible for better mortgage products.