Mortgage/Default/Knock Back

Danielle1973

Hi
Wonder if anyone can give me some advice. I applied for a joint mortgage in January with my partner but got knocked back as I have a default on my credit score that is due to be removed on 30th June 2012.

Also, my partner did not have a credit rating as his wages have always just been paid into my bank for the 9 years we have been together (long story) however this is resolved now and as of February we now have joint account.

Basically I want to know when you think we should re apply and if we re applied after 30th June when default is cleared what would our chances be?? We have the deposit, no debt, no loans (although this is proving a negative rather than a positive!!).

Any advice greatly appreciated.

Dannie xx

Joe_Bloggs

Wait until the default drops off and then a few weeks as computer systems take that long to update according to similar reports on this forum in the past.
J_B.

Danielle1973

Thanks for reply, anyone any idea about my partners credit history though?? he has only had a bank account since February but no debts or anything. Will this affect us too? I am so paranoid about applying again and getting knocked back but after 1 whole year of being back at parents savings along with our 2 kids we are getting desperate.

Dannie x

DVardysShadow

Danielle1973 wrote: »

Thanks for reply, anyone any idea about my partners credit history though?? he has only had a bank account since February but no debts or anything. Will this affect us too? I am so paranoid about applying again and getting knocked back but after 1 whole year of being back at parents savings along with our 2 kids we are getting desperate.

Dannie x

If this is your situation, do make sure you are on the electoral role before you apply.

Thrugelmir

The bigger the deposit the easier it will be to obtain a mortgage. Irrespective of previous credit history. So keep your eye focussed on the bigger picture. The sacrifices will be worth while.

Joe_Bloggs

Applying to view/examine your credit history is one way to start to build a credit history with the credit reference agencies.
Make sure that you have proof of salary/wages , a P60 would be a nice proof of past income for the mortgage.
I was impressed by Noddle recently.
J_B.

Danielle1973

Thank you all... We are both on Electoral and we have been saving for a year so we have the deposit. Thanks Joe_Bloggs, I will have a look at that. We are both with Credit expert and everything looks absolutely fine and we both had excellent credit scores but this default and the fact he had no credit cards, loans etc, therefore no credit history seemed to be the problem.

Dannie x

Joe_Bloggs

A mobile phone contract is one way of building up a credit relationship.
I can't think of anything that MSE Martin has left out of his recently updated guide here.
J_B.

billybear1

The deposit .... being what %?