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What's the definition of a 'perfect' credit file for remortgage purposes?
Farnesy
Posts: 12 Forumite
Hi
As a family we need to buy a 4 bedroomed house due to our new addition. We currently have a three bedroom property that holds approx. £70,000 equity which gives us a fairly hefty deposit even accounting for holding some capital back for home improvements when we move.
Anyway, my question is, as we will need to re-mortgage to borrow the extra (looking at properties in Scotland iro £180,000) £130k, what should the ideal credit file look like so that we can maximise our chances?
I have two defaults dating from 2003 - at the time I was a single working mother and money was very short and I ended up defaulting on the gas bill and a catalogue. These are due to be removed in February 2009 and June 2009 respectively. I have since then cleaned up my file and have all payments on time, however, was turned down for finance recently on a vehicle which my husband ended up taking out.
My husband is not yet on the mortgage for our current property which is held with Abby - do I need to get him put on this one to maximise chances? Also, as I have a perfect payment record with the Abbey dating back over 5 years, do you think this will hold us in good stead and give us more chance if we apply to them to borrow the additional funds?
I know his credit profile is not perfect either but as we are going to have to borrow iro £130k he will need to be included in any future application.
If anyone can provide any tips and guidance that would be most helpful.
Cheers
Andrea
As a family we need to buy a 4 bedroomed house due to our new addition. We currently have a three bedroom property that holds approx. £70,000 equity which gives us a fairly hefty deposit even accounting for holding some capital back for home improvements when we move.
Anyway, my question is, as we will need to re-mortgage to borrow the extra (looking at properties in Scotland iro £180,000) £130k, what should the ideal credit file look like so that we can maximise our chances?
I have two defaults dating from 2003 - at the time I was a single working mother and money was very short and I ended up defaulting on the gas bill and a catalogue. These are due to be removed in February 2009 and June 2009 respectively. I have since then cleaned up my file and have all payments on time, however, was turned down for finance recently on a vehicle which my husband ended up taking out.
My husband is not yet on the mortgage for our current property which is held with Abby - do I need to get him put on this one to maximise chances? Also, as I have a perfect payment record with the Abbey dating back over 5 years, do you think this will hold us in good stead and give us more chance if we apply to them to borrow the additional funds?
I know his credit profile is not perfect either but as we are going to have to borrow iro £130k he will need to be included in any future application.
If anyone can provide any tips and guidance that would be most helpful.
Cheers
Andrea
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