Sorry to spam the boards....want a mortgage in 2016. Credit score poor please read

sillyspendy

Hi All,

Thank you for taking the time to read. I was out of work after the birth of my son and missed payments from roughly Feb-June. Not every month but a lot of months.

My credit score is poor due to no electoral roll which is now being sorted but mainly the missed payments obviously. I am making each payment each month and even adding extra tenners here and there to my balances.

My husbands score is poor due to no electoral roll which is being sorted and the fact he has 10k spent on a 12k credit card and 3 missed payments on a next account because we honestly had forgotten about it.

We would like to get a joint mortgage in July 2016. He has a buy to let mortgage worth 56k at the moment and never a missed payment.

We currently earn 50k a year combined and have a 15k deposit.

When will our ratings improve?

Thanks

InsideInsurance

There is no fixed rating there is only credit history. Each lender will then make their own decision if your situation and history is sufficient for them to risk lending you money to.

Things will improve from "day 1" of you improving your habits or situation. I "" because CRA reporting happens in cycles and so it can take a few months before something is actually reported for various reasons.

Now if you live perfectly from today to July 16 will that be enough to get a mortgage? No one can answer other than each lender that you apply to. What risk they are talking, namely the LTV, will also be a factor along with if they only deal with fixed interest or if they can increase it for ok but not great risks.

The_Boss

We've had no "my credit score/rating is..." threads for a while and then loads all of a sudden today. Has there been a full moon?

Neither of you have scores. Take a look at the top sticky thread on the main page of this forum - it's difficult to miss!