How can i ressurrect my creditworth for a mortgage?

termhero

I would suggest you clear your credit card(s) each month as a priority over saving £1k a month.


Whilst it's good to have a clear or aggressive target for saving, clearing your credit card(s) each month demonstrates ability to handle your finances.

positiveangel

Update: All credit cards paid off from our savings. And it's all a waiting game now to let time heal our credit rating. My partner has however been in touch with Credit Repair Mortgage & Protection Specialist
London & Country Mortgages. They have requested a copy of our credit files which we've sent. We have until 29 Oct to move out of our current rented home or we will be paying a higher rate of rent to which we thought may as well apply now for a mortgage and pay the equivalent (if all goes well) They said they will be in touch within 3-5 working days.

My medical pension should help us with the monthly repayments.

What do you think guys? Are we making the right move or rushing it?

stephenni1971

Teqpro wrote: »

This is my view, its quite an easy one and forget the past it will just stress you out.

I would wait till 2016 for the defaults to be completely removed from your credit file.

Add a notice of correction to your payday loan explaining you were ill advised.

Also the credit card or debt that has the late payment showing you need to close it down, this is whats bringing your credit rating down. You can apply for another one later.

You need to use some of that £40k to make sure all your bills are paid on time. I.E set all your bills to pay by direct debit on the 1st of every month. When your lender asks for your bank statement they will see this history.

Completely pointless and may prove more trouble than it's worth...

Teqpro

I am not a financial advisor; just an IT Technical professional (Teqpro) I'm sorry if i have offended you. But this worked 100% for me.

TBeckett100

Wasn't there a little scam a few years ago where people took out payday loans to get more in cash back than the interest borrowed?
Wonder how that affected mortgages?