Scottish widows advice

Consigliarikbo

Hi I was hoping someone could give me some advice, me and my wife are looking to move house and we have about 300k in equity and earn about 93k between us, we would be looking to borrow about another 250k.

My problem is my credit rating, my score is 774 and I have a couple of missed payments on credit cards from about a year ago (2 payments same card, missed when setting up dd, counted as a 1 on experian). I also have about 6k in credit card debt.

My wife has a good credit rating and we are interested in staying with Scottish widows as they are willing to port the current rate across. My question is will they accept my application (I am not on the original application).

Consigliarikbo

When I say missed payments are counted as 1 I mean experian have counted them as ones in orange, as in not successive.

Conrad

Scot Widows might make an exception but thier form would be to decline you I'm afraid. Equity and income won't be relevant.

I'd say try an application and see. Do not rely on just an off the cuff in theory chat as this is fatal as staff will often tell you what you want to hear, only later for the actual application to be declined.

Consigliarikbo

Thanks for the reply.

Out of interest is it the missed payment or the debt?

Also do you think we will find it difficult to get a mortgage at a decent rate?

Thrugelmir

Repay the £6k of debt before applying for a mortgage.

Consigliarikbo

If I paid it off in a lump sum (took it out of savings) is that a good thing for my credit score & mortgage application?

Consigliarikbo

Ok, so I am taking the advice above and paying off the debt with some savings.

I have some questions about the missed payments as it slightly/better worse than I first feared.

Firstly the two missed payments might be wiped by the credit company as it was down to an issue when setting up the Direct Debit (they couldn't get it to work and never told me).

The negative now though is that I have had a proper look through my credit history and I have a couple of other missed payments showing up (originally I only looked at the last 2 years as thats what came up, I decided to do a deeper search and check everything) anyway I have two further missed payments showing, one on a card from 2 and half years ago and a 2nd on a card from 4 years and 10 months (this is showing as a 3), It is literally the earliest payment recorded (I guess was the oldest payment when Experian changed there rules on how long they kept payments for). I have queried this with the credit card company as I don't remember it and they are looking in to it for me.

But saying I pay off the credit cards and get the two most recent missed payments removed as it was down to a fault by the company, what chances would I have with scot widows then/getting a decent mortgage?

Thank you, sorry for the questions I'm stressing a bit and guess I should just go and find a decent mortgage advisor.