Credit rating nightmare - please help!

Ihateconmen_2

Hi everyone.
I've had a joint mortgage with my mother for the last 7 years - I pay my half to her and she pays the mortgage company. After viewing my credit file I found out she's been paying it late every month for the last 2 years (so furious it's unreal! :mad:) which has given me a dreadful credit rating.
I've now taken control of the payments so I can make sure it is always paid on time but I want to get out of this mortgage situation with her as soon as possible, but with my credit rating as low as it is now there's no way I'll get another mortgage.
Can anyone tell me how long it will take for my credit rating to start rebuilding now that the payments are being made on time?
I'm really at the end of my tether here so would appreciate any answers, help and advice anyone can offer!

Thankyou.

ChopperST

I'm afraid the late payments will show on the account for the next 6 years unfortunately. How did it take you so long to notice the mortgage wasn't being paid on time?

Ihateconmen_2

I only noticed it wasn't being paid on time because I decided, by chance, to check my credit report. My mother had not mentioned anything to me about it, and I hadn't had any communication from the bank about it, so as far as I knew everything was fine. I know that the late payments show on my report for 6 years, but what I want to know is how long it will take for my rating to start improving.

Conrad

Well it will improve each month, but in terms of being able to get another high st mortgage you are looking at about 2 years or more before you could be considered.

As a credit score is a complex mix of many factors it's hard to be sure on timescales.