Hi All,
My parther and I are looking to buy our 1st home and like the look of Lloyds Local Lend a Hand scheme. We have to come up with 5% deposit and the council act as a guarantor for the remaining 20% deposit.
Both my partner and I went into our local branch to discuss the mortgage, and came out with an agreement in principle (mortgage promise).
This is for a house up to £150k - mortgage amount £142.5k.
I earn £33k, and my bf earns £25k + £3k bonus
I have a credit card with £2k on it and my bf has an overdraft of £1k.
We have £10k for the deposit and fees.
My bf has an excellent credit file (squeeky clean). I have 5 late payments on my credit card - all 1's on credit report (3 over 3 years ago and the most recent just over a year ago). All of these were late payments, as I did not set up a direct debit and was 2-3 days late (or erroneously paid x2 in a month). All of my other credit agreements have been paid in full and on time.
Will this affect our chances of getting this mortgage? We can easily afford the repayments. Are Lloyds very strict with their lending criteria?
I'm also looking to get a new job soon, as I believe I can up my income by about £10k. However I am putting it off until we manage to get in our 1st home - as I don't want this to go against me.
Any help, greatfully appreciated - it's all I'm thinking of right now! (What you get when you're not at work and have too much time on your hands :p).
Thank you
Sophie x
My parther and I are looking to buy our 1st home and like the look of Lloyds Local Lend a Hand scheme. We have to come up with 5% deposit and the council act as a guarantor for the remaining 20% deposit.
Both my partner and I went into our local branch to discuss the mortgage, and came out with an agreement in principle (mortgage promise).
This is for a house up to £150k - mortgage amount £142.5k.
I earn £33k, and my bf earns £25k + £3k bonus
I have a credit card with £2k on it and my bf has an overdraft of £1k.
We have £10k for the deposit and fees.
My bf has an excellent credit file (squeeky clean). I have 5 late payments on my credit card - all 1's on credit report (3 over 3 years ago and the most recent just over a year ago). All of these were late payments, as I did not set up a direct debit and was 2-3 days late (or erroneously paid x2 in a month). All of my other credit agreements have been paid in full and on time.
Will this affect our chances of getting this mortgage? We can easily afford the repayments. Are Lloyds very strict with their lending criteria?
I'm also looking to get a new job soon, as I believe I can up my income by about £10k. However I am putting it off until we manage to get in our 1st home - as I don't want this to go against me.
Any help, greatfully appreciated - it's all I'm thinking of right now! (What you get when you're not at work and have too much time on your hands :p).
Thank you
Sophie x