Mortgage advice - help!

radley_girl

Hi all

I am a newbie and haven't been lurking around for that long but desperately need some advice.

My partner and i have been saving for the past 12 months in the hope of buying for the first time. We have managed to save 10% and are both in fairly well paid secure jobs. However i have been worrying myself sick over my previous credit history. I previously had a credit card during university where i made a few late payments (few years ago). I found it difficult getting a credit card after this but a few years back i took out an initial visa credit card. For the last year or two my payments have been on time and up to date (never owing over £200) and my available credit was increased. However this month i went on holiday and missed a payment by 3 days, i paid it as soon as i got home but i am terrified that this is going to affect my credit rating and ultimately my ability to get a mortgage. I should probably add that my partner has a good credit history with no problems.

Any advice or light that could be sheded on my situation would be hugely appreciated, as currently worrying myself sick, thanks

beecher

why don't you get a copy of your credit rating from Equifax and Experian and go from there? No point in worrying yourself sick over it though - worse case scenario is that you save for a bit longer, and watch prices come down! You're in a much stronger position than most!

Have a look here too

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

Toughluck

radley girl,

If i take it from what you have said is correct you are worrying about absolutley nothing. Missed or late CC payments will not stop you getting a mortgage. Defaults and CCJ's will limited the lenders available so until you. Some lenders will allow defaults on their high street range as long as they are not massive.

Even defaults from years gone by ie 4 or 5 years at least may be ignored in some cases.

A default of CCJ against you, and you would have known about it. If this hasn't happened stop worrying you'll be OK.

radley_girl

Thanks for the speedy advice, its much appreciated. My mind has been put at ease for the time being. In the mean time will get a copy of my credit rating and given the current climate will do no harm to save for a bit longer.

Cheers