First Time Buyer Mortgage With Missed Payments — Yes It Is Possible
Being a first time buyer with missed payments is more common than you might think. The good news is that being a first time buyer is viewed positively by many lenders — you have no previous mortgage history to worry about.
🏦 What Lenders Look At
- How old the missed payments are
- Whether the missed payments have been cleared
- Whether they escalated to defaults or CCJs
- Your current income stability
- Your deposit — shared ownership may be available
❓ Common Questions
Can a first time buyer with bad credit use Shared Ownership?
Shared Ownership remains available to first time buyers in England and may be accessible with mild adverse credit though criteria vary by housing association.
What deposit do I need as a first time buyer with missed payments?
A 10% deposit is the minimum most specialist lenders require. 15-25% opens significantly more lenders and better rates.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
This page is for general information only and does not constitute regulated financial advice. The Mortgage Geezer is a trading style of Access Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 301173. Registered in England No. 04427489. Registered office address Access Financial Services Ltd, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN.