when can i get a mortgage?

sazzylou

My partner and i applied for a mortgage two months ago, (April 2010)
we were rejected because of my debt on credit cards, i was finding it difficult to pay my cards off, they all went into arrears.
i had cleared two of my cards by the time we applied for a mortgage but unforchantly the last one got sent on to a debt collection agency, i owed £500 on it and was paying £50 a month back. this was the one thing stopping us from getting a mortgage, i have now paid it off in full and am glad to say i am now totally debt free after a long time :j

My question is although i am out of debt now i still have a poor credit score, i am trying desperately to find out how long i have to wait until we can try again for a mortgage and how can i improve my credit score,

any advice would be well received
thanks Sarah x

Henry_P_Chester

I think it takes six years for the missed payments will drop off your credit report.

becca0417

You don't have to wait 6 years though. I would suggest seeing a broker, who will be able to tell you which/if there are any companies out there who will accept you and under what terms.
Good luck, I know how heartbreaking it all is!

Wh05apk

Although it takes 6 years to drop off completely, most lenders will decline a cash if the arrears are within 12 months, beyond that it depends on your overall credit score and loan to value etc.