Best way to help getting a mortgage?

j1992

Hello, sorry if I sound really silly and ask silly questions but I'm completely new to mortgages (despite lots of research).

My fianc!e and I are currently renting and are planning on saving to buy a house of our own in 2015/2016. My fianc!e is self employed so we are already expecting plenty of knock backs and difficulty to I want to give us the best chance possible.

A lot of people have recommended (along with a big deposit) to get a credit card to increase our credit rating (paying off in full every month obviously) as this will help us when it comes to buying. Is this completely necessary? By the time we go to buy, we would have been paying our own bills for three years (even longer if you count phone bills etc.) is that enough?

Also if we were to get a credit card, are we better off getting a joint one, or individual credit cards?

Also, what other things can we do now, to ensure we have the best chance of getting a mortgage in a couple of years time?

Also, sorry if I've posted in the wrong forum!

x

SantaKlaus

Make sure you are on the electoral roll, also talk to an all of the market mortgage broker, they'll get you the best deals and will know which banks to use and which not to use, given your current personal circumstances, so you shouldn't get a decline.

[Deleted User]

j1992 wrote: »

Hello, sorry if I sound really silly and ask silly questions but I'm completely new to mortgages (despite lots of research).

My fianc!e and I are currently renting and are planning on saving to buy a house of our own in 2015/2016. My fianc!e is self employed so we are already expecting plenty of knock backs and difficulty to I want to give us the best chance possible.

A lot of people have recommended (along with a big deposit) to get a credit card to increase our credit rating (paying off in full every month obviously) as this will help us when it comes to buying. Is this completely necessary? By the time we go to buy, we would have been paying our own bills for three years (even longer if you count phone bills etc.) is that enough?

Paying the bills will only show on your credit report if you are using some form of credit facility - so most likely only your mobile phone contract, unless you are on PAYG

Also if we were to get a credit card, are we better off getting a joint one, or individual credit cards?I don't think this would make any difference

Also, what other things can we do now, to ensure we have the best chance of getting a mortgage in a couple of years time?

Make sure that you have, and keep, good credit reports (in addition to showing responsibleness (is that a word?) by having and using responsibly some credit (such as a cc) by paying it off every month, make sure all the details on your reports are correct, and things like you are on the electoral register

Read more about credit reports on the main site:
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Also, sorry if I've posted in the wrong forum!

x

Comments above,

HTH,

D9

SantaKlaus

Yeah get a creditcard to show you can run your finances well, but just make sure you dont miss a payment, set up a monthly direct debit because the last thing you'll want is a late payment on your credit file lol.

j1992

Thank you very much everyone. We are definitely on the electoral role, and all of our bills (apart from electric) are on direct debit.

Going to look into credit cards now, if we get a joint credit card would this help both of our credit ratings or just one of us?

x

Paige_Turner

I don't believe there is such a thing as a joint credit card. You can apply for a credit card and have a second card for your partner to use but the line of credit would still only be in your name.