Myself and my husband would like to apply for a mortgage in the next couple of months. We both have a combined salary of 80k and we save 3200 per month with savings of 70K at the moment. I currently have a mortgage of 195K and the property is in negative equity of approx. 90K but I rent this out at the moment repayments 655 per month and I get 750 rent per month. willl be looking for a LTV of approx. 70%. I will not be selling the current property I have but keeping it as an investment property.
I am slightly worried that we will be refused a mortgage due to 2 missed credit card payments in July and Aug 2014 with BOI (11 euro payments each month). The reason for late payment was my wages entered my account late and came in the day after the direct debit was due to come out. They cancelled my direct debit but I wasn't aware at the time and even though I had the money in my account for august the direct debit did not come out.. I then realised this and paid it in September but my statement said at the top I was 2 months in arrears.
I am gutted as never missed a payment before or since and never missed a mortgage payment.. I had a car loan over 5 years ago and never missed a payment on that either.
What are the chances of this going against me when going for a mortgage will it be an automatic no as soon as they look at my ICB report?
I have ordered my ICB report today but I just wanted to know cause getting stressed over it.
I am slightly worried that we will be refused a mortgage due to 2 missed credit card payments in July and Aug 2014 with BOI (11 euro payments each month). The reason for late payment was my wages entered my account late and came in the day after the direct debit was due to come out. They cancelled my direct debit but I wasn't aware at the time and even though I had the money in my account for august the direct debit did not come out.. I then realised this and paid it in September but my statement said at the top I was 2 months in arrears.
I am gutted as never missed a payment before or since and never missed a mortgage payment.. I had a car loan over 5 years ago and never missed a payment on that either.
What are the chances of this going against me when going for a mortgage will it be an automatic no as soon as they look at my ICB report?
I have ordered my ICB report today but I just wanted to know cause getting stressed over it.