Hello, I was wondering if anyone could help me in obtaining a self cert mortgage. I have just sold my house and have £30k to use as a deposit on a house in the region of 200k. I am a housewife and my husband is self employed he earns approx 55k the problem is I have just found out that we have 8 late payments on our credit file in the last year to our current mortgage, this is due to my husband making payments over the phone and our current lender (kensington mortgages) saying as long as the payment is less than 2 weeks late this was fine.

We were not aware of this situation and now I am very worried that we wont be able to borrow in the current market, I am also preganant and worried we may end up homeless!!! Can anyone help Please!!!

Hi cheeks11,

Best bet is to go and see a whole of market broker local to your area (I am in South Lincolnshire if that helps!), who can advise. Does your husband not have an accountant? From what you say, you are only looking at just over 3x income. Some lenders would only require proof of 2 years accounts if this helps. An broker would be able to go through all these questions (including late payments) and advise accordingly.

Regards,

Adey

Hi .... 8 payments late at 85% LTV which is what you are borrowing will be impossible in todays climate, especially if any late payments are within the last 3 months. The rate will be horrendous even if you have a larger deposit or lower value property, not good news I know but there it is I'm afraid. Mortgage payments that are not made on time will be classed as missed payments especially with lenders like Kensington, you may try contacting them and querying their statement that the payments would not be classed as missed. It may be necessary to rent for a period of time until the missed payments are no longer relevant in regards to lender criteria. I am fully up to date with adverse mortgage products and confident that until you either get these payments amended or wait some time for the credit history to repair you will be struggling in todays market. The advice to see a fees free whole of market broker is correct, but try someone local and beware of false promises to solicit your business.

Good luck

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Regards

Ian

Thanks for your reply, The missed payments are not within the last three months but I will contact kensington to see what they say. I have an appointment to see a local broker, thanks very much for the advise!