Mortgage In the future

dickoa

Anyone got any tips for getting a mortgage once discharged. Just wondering if there s anything i can do now to get my self ready. For example good ways of building my credit rating. Also does anyone know of a savings account we could get?? Thanks alot

skylight

Clear your credit file first - check the sticky at the top of the board on how to do this. (You cannot start this until discharged though).

There is a "credit" card that you can get, that has a monthly fee on it. Its a pre-paid card so you can only spend what you have loaded, but the fee is regarded as credit and therefore can help re-build your files. Check out Martins credit card guide.

Other than that, a cheap mobile contract may help or ordering small things from a catalogue and paying regularly. Thats the key to re-building files. But again, you cannot do this until you have cleaned up your credit files as its going to be difficult to get the credit!

I have a savings account with Natwest. They never closed my Step account when I went BR and I use the account daily. I opened the account early Jan (not dischearged yet) and everything is hunky dorey with it. I was very surprised I got it! An alternative to a savings account is another basic bank account somewhere. Interest rates are naff anyway at the moment, so having a second bank account could be useful for that purpose.