Fair credit file- joint mortgage application

lando71

Hi there,


I am just wondering if anyone can offer me some advice before going into any formal steps of looking at mortgages! My partner and I both have fair credit ratings, his due to lack of previous credit and mine due to 2 late phone payments (conseq) 4 years ago and 2 late shopping account payments in the last 2 years( 1 was 7 months ago and the other 15 months ago), changing bank and direct debit issues both times and payments were late so not able to dispute. Other than that I have had 3 loans before all paid off and always on time. Neither of us have any outstanding debts whatsoever, I have an open credit card but with a zero balance. We earn jointly £35K and have been saving £1000 per month between us. We have saved enough for a 15% deposit on a £115K house. Based on these details does anyone think it possible we will be able to obtain a mortgage? Our credit scores make us think it will not be possible but some professional advice would really help us to know if we need to save more or wait for our files to improve.


thanks!

[Deleted User]

Ignore the credit score or good/fair/poor rating on your files, it's meaningless. What lenders will be concerned with is your history- so what credit you've had, how you've managed it etc. They'll use this to create their own internal score on whether or not they think they should lend money to you.

Have you looked at all three versions of your credit files (Experian, Equifax and CallCredit aka Noddle)? As different companies report to different credit report agencies so while info may be on one it may not be on another. Get all three copies of these (the statutory £2 copies, don't pay to sign up for their monthly service and worthless score) and put them in front of a broker who will be able to advise what's possible.

Are you both registered on the electoral roll? Have any of your late payments ever resulted in a default?

lando71

thanks very much for your information habssac, I think the best idea would be for us to approach a broker!


We only checked Equifax so perhaps we will check the others also. I am registered but my partner isn't, think we need to change that. No never resulted in a default just a late payment marker on there then returned to up to date after that usually only a matter of days late so probably why never registered as a default!