Good Vs Bad credit rating

Essex_Lee_

Hello, My partner and i are going to buy a house this spring, i have a Very Good rating, she has a Bad rating.

I currently have a mortgage on my house and she rents.

i will prob have about 45k to put down on a 250k house, i just want to get an idea of what the banks will say when we try and get a mortgage.

Anyone give me some pointers ?


Thanks

Burlesque_Babe

how bad is her situation? Does she have any defaults, County Court Judgements, is she bankrupt? How much debt does she have in relation to her income?

Essex_Lee_

its not quite as bad as those things, like bank accounts that had charges and she never paid them and they still remain unpaid, and 2 mobile phone contract that she cancelled and didnt pay the rest.

i think they have all been passed to debt collecting companies, the bank accounts were from 5 or more years ago.

She earns 30k a year now.

Would it be best to try and paid everything off before we buy ? how do we find out exactly how much she owes and whom to ?





thanks

Burlesque_Babe

the best thing she can do is get a copy of her reports from equifax and experian. They are £2 each by post, but there is a free 30 day trial for one of them if you search around MSE and you can see on screen the situation.

Anything over 6 years old or 5 years old in Scotland (where there has been no contact) will more than likely be statute barred and should have dropped off her file.

If she is on 30k, which is a decent salary, then yes, I would find out the balances and have them paid off before you start looking to buy to put yourself in the best possible position when you apply.

_Andy_

Essex_Lee_ wrote: »

its not quite as bad as those things, like bank accounts that had charges and she never paid them and they still remain unpaid, and 2 mobile phone contract that she cancelled and didnt pay the rest.

i think they have all been passed to debt collecting companies, the bank accounts were from 5 or more years ago.

She earns 30k a year now.

Would it be best to try and paid everything off before we buy ? how do we find out exactly how much she owes and whom to ?
thanks

Lee

Basically then she has some adverse credit. What I'd suggest is getting hold of both of your credit files and speaking to a decent whole of market broker.
Worst case is that you'll be looking at slightly higher interest rates than the high street rates.

Essex_Lee_

Ok, thanks guys.

:rotfl: