Springboard Mortgage

amy17brook

Hi,

My step-dad has recently 'lent' my brother some money for the Barclays springboard mortgage and he has bought a house.

He has also offered to do the same for me and my husband. The problem is my credit score is not so great. I've been paying things off for the past few years and have 1 missed payment, (internet banking issues). I've said to him I don't think I'll be able to get a mortgage until that is cleared from my credit file but the seed of doubt has been sown.

Do I need to wait 6 years for this to come off my file? I know I'm better paying off as much debt as possible before then.

I'm scared of waiting to long and the mortgage no longer being offered but at the same time I don't want to be declined because I was young and dumb.

Any suggestions would be very much appreciated.

ACG

1 late payment?
Assuming its more than 6-12 months, I do not think that will be a deal breaker. If it is less than that, then it will depend on everything else I think.

amy17brook

It was 5 months ago but were not looking to get a mortgage until at the very least February when our tenancy runs out on our rented house. What about the credit rating though? Will that make a big difference?

ACG

The older the bad credit the less impact it has. Forget your credit score, its worthless.

amy17brook

Okay, fair enough. Thank you. That makes me feel alot better.

If you don't mind answering another question for me please could you advise on length of employment. I have been in my current (temporary) job for the past year and a half but have just been offered permenant at the same job (Yay!!). Does my employment reset to my permenant position? (When I start it).

I'm just trying to figure out some timescales for things.

ACG

You should be fine to say you have been there since you first started rather than when the new contract started.

amy17brook

Thank you. Roll on the new year!