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Mortgage confusion help?
hmmthinking
Posts: 9 Forumite
Hi all
looking to get my first ever mortgage soon. Anyway what I wanted to ask is how much does credit rating come into it? My partner has a fair credit rating but mine when I have searched it shows as poor. I have suffered a few late payments, one three times in a row
but these were all awhile ago but not off my credit file I have to say.
Anyway when searching online mortgage thingys I get really confused. Be gentle with me if Im being dense alright. But there is always a box that says have you had any credit problems. Well I tend to think I should click yes, but when you read the guidance it says click if you have had a ccj, mortgage arrears and defaults. Well I haven't had any kind of ccj, iva, never even had a mortgage to default on. But would my 3 payments be classed as default or something? I got a letter saying that I hadn't paid and so I did (it was my silly forgetfull nature not lack of funds you see). On my credit file it shows as 3 missed payments I can't see anything talking about a default.
So in terms of a mortgage application would my credit be considered alright and should I be ticking the yes or no box on have you had any credit problems?
Just to add I did get a mortgage promise from the halifax but it was rather low (infact even the mortgage advisor laughed at it), but when I asked was it my credit that made it a low offer I was told no, but rather my amount of debt and lack of much income at the time. But then I bank with them so wasn't sure if that helped you see. Circumstances on both counts have improved since then however I don't wish to go straight to them as I think I can get a better deal elsewhere, that is if im ticking the right box lol.
looking to get my first ever mortgage soon. Anyway what I wanted to ask is how much does credit rating come into it? My partner has a fair credit rating but mine when I have searched it shows as poor. I have suffered a few late payments, one three times in a row
but these were all awhile ago but not off my credit file I have to say.Anyway when searching online mortgage thingys I get really confused. Be gentle with me if Im being dense alright. But there is always a box that says have you had any credit problems. Well I tend to think I should click yes, but when you read the guidance it says click if you have had a ccj, mortgage arrears and defaults. Well I haven't had any kind of ccj, iva, never even had a mortgage to default on. But would my 3 payments be classed as default or something? I got a letter saying that I hadn't paid and so I did (it was my silly forgetfull nature not lack of funds you see). On my credit file it shows as 3 missed payments I can't see anything talking about a default.
So in terms of a mortgage application would my credit be considered alright and should I be ticking the yes or no box on have you had any credit problems?
Just to add I did get a mortgage promise from the halifax but it was rather low (infact even the mortgage advisor laughed at it), but when I asked was it my credit that made it a low offer I was told no, but rather my amount of debt and lack of much income at the time. But then I bank with them so wasn't sure if that helped you see. Circumstances on both counts have improved since then however I don't wish to go straight to them as I think I can get a better deal elsewhere, that is if im ticking the right box lol.
0
Comments
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1) What value of property are you looking for?
2) What deposit do you have?
30 How much do each of you earn?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Hey JoeK.
Does that really matter? I just want to know where I would fall in terms of tick the box or don't with the information given.
Sorry just don't fancy posting financial details on the forum that's all. Put it this way we want a mortgage that is around 2.75 times our joint incomes or slightly less. We have at least enough for a 5% deposit possibly slightly more (all depends on the final property we go for).0 -
it depends on the form but generally I would answer no to questions.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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