Hi,
Looking for a bit of advice - reading threads it seems a similar story, any mortgage brokers out there lend a hand? :-) The story so far below:
FTB have 10% deposit
Have a decent job, salary, monthly car allowance and bonus means I make 65K per annum (base is 51k) Been with company 12 yrs.
No outstanding debt - no loans, CC generally gets paid off in full each month, no dependents.
Approached Britannia for a 3 year fixed LTV 90% got an illustration and AIP for 215K
Found a property and had an offer accepted of £193,500 - Great I thought much less than the AIP - so far so good!
Applied yesterday for the mortgage all went fine until asked if any late payments etc.. was honest and said yes 1 late payment last June on cc, was on holiday for 3 weeks and was only paid when I got back - (I think the payment was 4 days late in the end) Stupid I know to forget but I am only human and cannot change the past so hay ho! He then proceeded to run the credit check and confirmed what I told him
Mortgage guy said everything was fine apart from that but because that was on my file he couldn't approve the application there and then but would have to defer it to an underwriter to review.
He also said if I had an extra 5% deposit this would not be an issue.
So I'm fearing the worst now, and just wanted some advice that if they come back and do indeed reject my application, is it now a case that other lenders will see that and also reject me (pretty sure a rejected mortgage offer does not improve how I am seen by other lenders!)
Is it impossible for me to get a 90% LTV from any lender? 15% is not really an option right now, Also as a FTB I feel embarrassed, if the worst happens and I have to go back and tell the EA and seller the deal is off :-(
I actually thought I would be seen as fairly low risk in the broad scheme of things but reading these boards I see that is clearly not the case!
Live & Learn......
Looking for a bit of advice - reading threads it seems a similar story, any mortgage brokers out there lend a hand? :-) The story so far below:
FTB have 10% deposit
Have a decent job, salary, monthly car allowance and bonus means I make 65K per annum (base is 51k) Been with company 12 yrs.
No outstanding debt - no loans, CC generally gets paid off in full each month, no dependents.
Approached Britannia for a 3 year fixed LTV 90% got an illustration and AIP for 215K
Found a property and had an offer accepted of £193,500 - Great I thought much less than the AIP - so far so good!
Applied yesterday for the mortgage all went fine until asked if any late payments etc.. was honest and said yes 1 late payment last June on cc, was on holiday for 3 weeks and was only paid when I got back - (I think the payment was 4 days late in the end) Stupid I know to forget but I am only human and cannot change the past so hay ho! He then proceeded to run the credit check and confirmed what I told him
Mortgage guy said everything was fine apart from that but because that was on my file he couldn't approve the application there and then but would have to defer it to an underwriter to review.
He also said if I had an extra 5% deposit this would not be an issue.
So I'm fearing the worst now, and just wanted some advice that if they come back and do indeed reject my application, is it now a case that other lenders will see that and also reject me (pretty sure a rejected mortgage offer does not improve how I am seen by other lenders!)
Is it impossible for me to get a 90% LTV from any lender? 15% is not really an option right now, Also as a FTB I feel embarrassed, if the worst happens and I have to go back and tell the EA and seller the deal is off :-(
I actually thought I would be seen as fairly low risk in the broad scheme of things but reading these boards I see that is clearly not the case!
Live & Learn......