when to speak to mortgage advisor

changingstars

Me and my partner want to get a mortgage together. I have an excellent credit score but when he checked his in January his was poor.

He has had a car on finance since November which he has paid on time and has not missed any payments and he also has a credit card which he uses every month and pays off.

His debts were paid off fully about a year and half ago.

Is it worth us seeing a mortgage advisor or is it better to wait a while and check his credit score again?

Thanks for any help

ACG

Speak to a broker, the score on your credit report(s) is worthless.
I have seen people with an "excellent" score who dont have a hope in hell and likewise people with poor/very poor who we could get a mortgage for.

The score on your report is the score the credit agency gives you, lenders have their own way of scoring you and some do not even score you at all.

Get all 3 of your reports down to a broker and let them look through them.

Out of curiosity, what is on his report?
Any defaults/CCJs/bankruptcy/DMP/IVAs/loads of missed or late payments?

How much would your deposit be as a percentage of the purchase price?
How old is the bad credit?

changingstars

It was missed payments from a store card that were settled about 2 years ago.

Between us we earn around 45k a year. At present we have a 35k deposit and the house price we are looking at are max 200,000

ACG

If it was only missed payments, there will be lenders available to you - 3 off the top of my head are likely to accept this assuming the rest of the case stacks up.

changingstars

Ok thank you
I am with nationwide for banking and was planning on going with them but don't know how strict they are

ACG

Hit and miss - I have had someone I didnt think in a million years would be accepted get through, but then someone else in a similar situation get declined.

Theyre not the most lenient and have an unusual process but you can only try.

changingstars

Does it have a bad effect on my report if we did apply and get declined? Thanks again for your help

ACG

1 credit search should not be the end of the world, its not going to help but I would be surprised if it would do too much damage.

However, if you then go to a broker who then goes to another lender and that then gets declined, your on 2 and then a 3rd for another application.

Where there isnt a great credit report I would always aim to get it right first time personally.