Credit scores and mortgages!

Tara61286

Hi -Can anyone help??

Myself and my husband are hoping to buy a propperty, but we have a hitch.
We have a old next account which last year had a few late payments, we have since then had credit cards- which we then took out a loan to pay the credit cards off that we had.
We have now paid the full balance in one lump so we are now debt free.
We are hoping to buy something up to £250.00 with a £60k deposit.

Everything has all been in his name because my credit score is so low.

Can anyone tell me if this is going to ride against our mortgage app ??

I it is due to the late payments, can we sort it in anyway?
The next account is still open but with nothing on it.

Many thanks

MARTYM8`

Have you both checked your credit history lately - take advantage of the various 30 day free trials (e.g. check my file.com).

In practice your credit report will show up late payments or missed payments if they are that recent. It won't prevent you getting a mortgage but it may limit your options with some of the choosier lenders.

I suggest you try a mortgage advisor.

DCFC79

Forget the whole credit score thing as lenders dont see it. Its your credit history that's important.

Tara61286

Not checked recently and although it was last year I think it was still within the last 12 months ?

Many thanks

Tara61286

April of last year was the late payment

m4rc

One late payment shouldn't be a massive problem, if that's all there is. Contact a good broker and get them to help you, don't go via your bank or someone in the estate agents office, you need someone who can place you with any lender, and make sure you tell them everything or they can't help. If they know the situation they won't waste your time or theirs trying to place you with a lender who would only accept the most squeaky clean credit history.

Don't get too stressed about it, buying a house is a stressful process as it is, go and find a lender (make sure you like them and can work with them) and good luck

Thrugelmir

Tara61286 wrote: »

We have a old next account which last year had a few late payments,

How many in total?

Simon_89

DCFC79 wrote: »

Forget the whole credit score thing as lenders dont see it. Its your credit history that's important.

When you say credit history, what does that comprise of?

I'm also looking at getting a mortgage in the next 12 months but my credit score is quite low and I've never missed payments on anything etc.

DCFC79

Simon_89 wrote: »

When you say credit history, what does that comprise of?

I'm also looking at getting a mortgage in the next 12 months but my credit score is quite low and I've never missed payments on anything etc.

Its what is listed on your history, how you run accounts eg late payments, any defaults on credit cards.

Simon_89

DCFC79 wrote: »

Its what is listed on your history, how you run accounts eg late payments, any defaults on credit cards.

Okay, so if you have no late payments and everything is hunky dory then there should be nothing to worry about?