Help - worried about not getting a mortgage

GeordieDancer99

Basically was just after some advice/reassurance I suppose as to my chances of getting a mortgage, its causing me sleepless nights.

Basically I am 31 years old with absolutely no debt, no credit cards. I earn £30,000 a year and am on the electoral roll, full time job since I was 18 etc etc etc.

I live with my wife (just married) in a flat that SHE bought 4 years ago, I am not on the mortgage and went straight from my parents to living with her.

On the face of it sounds good so far probably - I have £16,000 in savings, no debt etc.

My worry is that between the ages of 18-26 I ws basically rubbish with money. Rubbish to the point where I racked up credit card debt, had loans to pay off the debt then further loans etc etc, I am sure this scenario is nothing new.

I never defaulted on any loan, always kept up the required payments and to be honest had few problems with credit card debt, although on a fe (I would say about 10 times) I paid less than the required minimum amount, hovever I always caught up to the point when I got rid of my credit card about 18 months ago I had a very good payment history stretching back about 2/3 years where I never missed.

A stupid thing I used to do about 6 years ago was to use those daft cheque cashing places where you got the money in advance and the money came out at a later date - again though never any problems in terms of cheques bouncing etc etc.

So I suppose what I am asking is whether my sillyness of 6 years ago and going back will harm my chances of getting a mortgage with my wife.

We have no debt about £40,000 to put down as a deposit and are both on the roll.

As I say I have been clean as a whistle for about 4 years now and am always being offered loans, credit cards as pre-approved and have had no problems with HP agreements or mobile phones - am I right to assume then that my credit rating is decent and therefore should stop worrying about getting a mortgage??

Sorry if this is long winded but its really worrying me

Regards

koexelek

You should be fine.

Mst of the problems you had are in the dim and distant pass, and won't be relevant now

StuTheDon

Hi,

You may want to look up your credit score using Experian or Equifax to see if there are any major or incorrect entries on there before you apply.

Most offer a free 30 day trial so you can login and see what is on there.

Worst case scenario if anything shows up it will clear after 6 years so the worst you'd have to do is wait till next year to apply.

I think you'd be fine though - but sign up and check it out first.

herbiesjp

The deposit you have is good

I'm guessing both incomes are also good

As stated above, get a copy of your credit file and discuss with a whole of market adviser.

If there is anything untoward on there they will advise if it will affect any application you now make, however based on what youhave said it sounds straight forward

Before putting in any offers just make sure you can get the mortgage agreed, by getting an agreement in principle first

poppy10_2

Might be worth getting a basic credit card first, to build up your credit score. You don't need to spend on it. Just get one with a low limit.

GeordieDancer99

Thanks for all the advice.

I have seen my credit report and it looks fine but thought I would share the main details to see what you all think:

I have 14 credit accounts attached to my report a mixture of current and former accounts.

All 14 show the status of Satisfactory in Green Letters.

When I delve into the individual accounts 12 have the status of '0' whereby no payments were late etc etc

Only 2 have what I can see as issues:

1 was a credit card where in the last 36 months of activity I had a total of 2 status 1-2.

The other was my mobile phone contract whereby in the last 36 months I had 13 status 1-2 and 2 of status 3+

The credit card was settled/ended in August 2003 and the phone in April 2005.

I have since been successful in getting mobile phone contracts on more than one occassion.
My available credit excluding mortgages is approx £10,000
My only outstanding debt is £17 on my next card which is a current debt and is being paid as it should be.

I have 2 linked addresses, my parents for 29 years and my current address for 2 years

No overdue accounts and no missed or late repayments in the last 12 months.

0% of my available credit being used

Nothing on GAIN or CIFAS


I know there is no definitive answer to this but I think it sounds ok. I have no debt, £16,000 worth of savings, am on the electoral roll and have 14 credit accounts of which 12 are clean as a whistle and the 2 mentioned above 1 is over 6 years old and had 2 late payments and the other is a mobile phone which is now settled and I have had contracts since.

Shoud I now stop worrying myself to death??

Be Honest!!

happybroker

yes, I think you should be ok.

brians_daughter

sounds great to me!

Dave101t

if she already owns the house, why do you want to get a mortgage?
my fiancee owns the house outright, im nothing to do with it, and its a great way to be, just pay the bills!

GeordieDancer99

We want to move and I was worried about getting a mortgage for the new place.

Current mortgage is in my wifes name only (father as guarantor).

I am a little bit of a worrier cant you tell!!!

Pee

Dave101t wrote: »

if she already owns the house, why do you want to get a mortgage?
my fiancee owns the house outright, im nothing to do with it, and its a great way to be, just pay the bills!

And if you split up before you get married, you both know where you stand - she keeps the house.

Bit more tricky if she was to die and you don't have Wills...