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Mortgages confuse me!!!
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Once it is all paid off in May would it look more attractive?New Career, More Money, New House, More Money - not much to ask...0
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For fixed/tracker it has nothing to do with what you think rates will do in the first instance. It depends entirely on whether you can afford for rates to go up a bit. If you can't, even if you think rates will stay low, you have to take a fix.
I'd say that for a FTB that a fixed rate is a nice way to ease yourself from rent to mortgages as well.
A greater deposit would reduce the risk to the lender and therefore enable them to take more of a risk in other areas (i.e. credit score) but still, at 90%, it's classed as high risk.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
Thanks - Looks like I'm going to get it in the neck on Saturday then!
I just thought maybe if it shows that I'm actually paying the debts off (there was 4 altogether due to redundancy) and that 2/4 have been paid off and the other 2 will be by May that it would count maybe a little bit more in my favour...
Obviously not though thanks for your help.New Career, More Money, New House, More Money - not much to ask...0 -
The way it works with defaults is that they come off your file 6 years after the default was applied. From about probably 2 years after you have cleared all defaults in full, lenders begin to look more kindly on you, increasing until probably year 5.Lionbar1990 wrote: »Once it is all paid off in May would it look more attractive?
Now you say you have saved £12k, and I guess much of that is money you have put in.
So stop mucking about. Take the money from your savings and clear the defaults TODAY. It is madness having uncleared defaults on you file while you have a heap of savings. Every day you let those defaults go uncleared is a day longer before lenders start to take you seriously as a borrower.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 -
Debts have been paid...
Where do I go from here...New Career, More Money, New House, More Money - not much to ask...0 -
Good for you with the prompt action..
You now need to stay super tight with both of your credit reports. Give yourself a 3 month breather and try and get to the 15-20% marker.
95% LTV will not be open to you for a while - in just my opinion and without all facts..
Once your credit reports show as satisfied, get a decent broker on the case and cross your fingers and in the meantime save, save, save - it helps honestlyI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's nearly ruined my relationship but hey it feels good being debt free!
Thanks for all yout help guys!New Career, More Money, New House, More Money - not much to ask...0
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