Not Likely to Get A Mortgage

Seaside_Mum

Hi there. I would appreciate any advice that you could give me please. I have just paid off the remaining amount owed to a debt management company (been paying £5000 off weekly since July 2011) and received a confirmation letter from them yesterday that the debt is clear. I also have 2 credit cards - I was over the limit on one card for quite some time but have just a couple of hundred pounds on it now. I have a couple of hundred pounds on the second card - I was always within my limit. I intend to keep paying off these cards so as to keep a regular, positive credit history. My problem is that my credit rating is rock bottom. I live with my partner in his house and he wasn't aware of the debt being with a debt management company. He had previously asked my about money and I had told him I had a bank loan that I had missed some payments on (couldn't face the shame of telling him). We aren't linked financially in any way, but last week he came home very excited to say that he has found our ideal home to purchase together. His credit is perfect - there is no way that I will be considered for a mortgage and I don't want to harm his credit score, so will have to confess to him tomorrow when he returns from work. Can anyone advise me on how long it takes to build up your credit rating to an acceptable level (I realise it isn't going to happen overnight), or will it be impossible to get a mortgage until the account is removed from my file in 6 years time please? He's going to be so disappointed in me about the debt (and that I lied about it) and about the house. TIA.

marliepanda

Firstly it is likely it will only be about 3 years until the defaults fall off, if you defaulted on most things in 2011?

You credit file will no doubt be a bit shot though Is there any chance you would qualify on his income alone? Higher deposit etc?

Imbroglio

Well done for getting on top of your debts! I hope telling your partner goes well, and you get a nice supportive response.

I'm in a very similar situation, I recently married a wonderful, wonderful man who has been much more sensible with his spending and credit than me despite earning less than me. He knew about my situation before we were married and before we opened a joint account. I was so worried about confessing my financial problems after he proposed to me, and it all came tumbling out with tears after a few glasses of wine. He was so understanding and supportive, and he gave me the kick up the backside I needed to really start getting to grips with my spending. I'm so glad I told him, and he has accepted that it'll be a few extra years before we can afford a house together, but some things are just more important than that.

Big hugs from a fellow seaside girl (mummy only to pets for now)