Will we be declined a mortgage 2016...trying to improve credit score

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

Kirstyb1987

you need to get the electoral roles sorted....what were your missed payments for? Are they up to date now?


I see you have a vanquis card and aqua card which carry huge interest rates - focus on getting those paid off and you'll straight away be better off each month.


You have a lot of credit over a lot of different providers....work hard to get this debt down as at the moment it seems your living well beyond your means.

Thrugelmir

sillyspendy wrote: »

He has a buy to let mortgage worth 56k at the moment and never a missed payment.

That doesn't really help your situation. Does the BTL generate a good return or would it be beneficial to sell. Using the released equity to clear your existing debts and provide the foundation of a good deposit. A larger deposit will open more doors so to speak.

sillyspendy

sorry I have not made myself clear...In 2016 the buy to let mortgage runs out so we either renew or sell and his intention was to sell...get our 15k deposit back and then buy again.

When he bought 8 years ago he had a squeaky clean credit file but in two years the only thing on it will be some missing next payments (which was my fault) from 2013 and his 12k credit card has 9k on it by 2016.