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Joint Mortgage Application - Credit Rating Impact
zas3
Posts: 1 Newbie
Hi Everyone
Cutting a long story short, I have been through a period of time where i have been living beyond my means. This has resulted in me havign a low credit rating and currently owing 13000 split over 5 credit cards. About 6 months ago i took out several payday loans, these were all paid off on time and in full. I am now workign on paying off the creidt card debt paying off more than the minimum every month, but at present i know from looking at my credit ratings that it is too low. I had some late payments over 12 months ago (by 1 or 2 days) (approximately 5 over the past 6 years, 1 in the last 2 years). Anyway, in 6 months time myself and my partner are looking to buy a house. We have a good deposit and his credit rating is excellent. He is however self employed and has 6 years of books. He has a credit card which he uses and pays off in full every month. Is my adverse credit history likely to have a huge impact on our mortgage application - i earn circa 30K a year and he earns £17K a year.
Any advice would be greatly appreciated.
Cutting a long story short, I have been through a period of time where i have been living beyond my means. This has resulted in me havign a low credit rating and currently owing 13000 split over 5 credit cards. About 6 months ago i took out several payday loans, these were all paid off on time and in full. I am now workign on paying off the creidt card debt paying off more than the minimum every month, but at present i know from looking at my credit ratings that it is too low. I had some late payments over 12 months ago (by 1 or 2 days) (approximately 5 over the past 6 years, 1 in the last 2 years). Anyway, in 6 months time myself and my partner are looking to buy a house. We have a good deposit and his credit rating is excellent. He is however self employed and has 6 years of books. He has a credit card which he uses and pays off in full every month. Is my adverse credit history likely to have a huge impact on our mortgage application - i earn circa 30K a year and he earns £17K a year.
Any advice would be greatly appreciated.
0
Comments
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how much is the purchase price?
How much is the deposit?
Is the bad debt JUST late/missed payments or are their defaults CCJs? If there are Defaults/CCJs how much are they and when are they dated?
Also when was the last late/missed payment?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
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