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Impact of credit rating on a mortgage
alexthecheese
Posts: 14 Forumite
Girlfriend and I decided at the weekend that we'd move in together and buy a place near where I live.
She (and I) are fortunate that she owns a flat outright in London to sell to put money down as a deposit. In order to get a nice house it would mean me getting a mortgage.
Because of the flat my gf owns the Loan to Value (a new term I have just learnt) would be just 30%, very low.
I have had a few missed-payments on my credit cards over the years, but by the time I reach mortgage application time I will be completely debt-free. 6 months ish. I am worried that this could affect the success of the mortgage application, possibly in terms of the rate we are offered.
Am I right to worry about this? I have never been too bad credit wise, my rating is at the high end of good, but worried nonetheless. Any info would be appreicated. Cheers.
She (and I) are fortunate that she owns a flat outright in London to sell to put money down as a deposit. In order to get a nice house it would mean me getting a mortgage.
Because of the flat my gf owns the Loan to Value (a new term I have just learnt) would be just 30%, very low.
I have had a few missed-payments on my credit cards over the years, but by the time I reach mortgage application time I will be completely debt-free. 6 months ish. I am worried that this could affect the success of the mortgage application, possibly in terms of the rate we are offered.
Am I right to worry about this? I have never been too bad credit wise, my rating is at the high end of good, but worried nonetheless. Any info would be appreicated. Cheers.
0
Comments
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The best advice would be to get a copy of your credit file from Experian and Equifax. You will then see exactly what the lenders will see.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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