We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
FTB - should we give up?
callmechar
Posts: 627 Forumite
Me and my OH are looking for a house. 5% deposit and decision in principle (with credit checks from Skipton.)
I earn £23700, partner earns £22500. Decision in principle for up to £170k.
Did call credit, credit report - my score 628 (5/5) and partner 620 (4/5). I know Skipton use Call Credit and we have a DIP.
However I am just worried when it comes to full mortgage application we will be refused because of low credit scores. We have no CCJs, no defaults. In fact I only have virgin media and my mobile phone, had one Credit card I did not use (which I today cancelled).
OH has a loan (two) which he is repaying which end in about 18 months. He had paid off credit cards, which again we have cancelled today. Again no CCJs or defaults.
what do you all think?
I earn £23700, partner earns £22500. Decision in principle for up to £170k.
Did call credit, credit report - my score 628 (5/5) and partner 620 (4/5). I know Skipton use Call Credit and we have a DIP.
However I am just worried when it comes to full mortgage application we will be refused because of low credit scores. We have no CCJs, no defaults. In fact I only have virgin media and my mobile phone, had one Credit card I did not use (which I today cancelled).
OH has a loan (two) which he is repaying which end in about 18 months. He had paid off credit cards, which again we have cancelled today. Again no CCJs or defaults.
what do you all think?
0
Comments
-
Are you on the electoral role? As for credit 'scores', they are not very relevant - it is the detail in the reports which matters.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
Yes both on electoral role. I have lived here for 2 and bit years, partner been on electoral register (moved in) april last year0
-
Do you think its a good idea we have got rid of credit cards?0
-
Yes. Next, pay down the loans. After this you can start to build up a deposit, but it generally makes poor financial sense to have a "5% deposit" saved up while you still have loans outstandingcallmechar wrote: »Do you think its a good idea we have got rid of credit cards?poppy100 -
Ah! Previous addresses? Are they on your record? I think you need to account for 3 years at least, unless anyone knows better.callmechar wrote: »Yes both on electoral role. I have lived here for 2 and bit years, partner been on electoral register (moved in) april last yearHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Hi.yes previous addresses on record. One problem is my partner was on electoral role from 1993 til 2010 at his mums address, when he moved in here although he does have one previous address on there too from around 2007 to 2009. I suspect this will be an issue? We passed credit check for decision in principle0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards