How long until I'll be able to get a mortage?

Biffy22

Hi, my partner and I have recently started saving for a mortage deposit and I obtained a copy of my credit report from Experian. I have two previous arrangement to pay markers on my credit file. One has been settled for three years and one was settled this month. I understand that this will show on my credit file for 6 years from the date the last one was settled so does this mean I have no chance of getting a regular mortage for at least 6 years? After 6 years if I keep my credit file in good standing will this be wiped from my file and make me look good to lend to again or will I always struggle to get a mortage? Thanks for looking :-)

prawnk1ng

what was your score? 999 being max

kingstreet

Biffy22 wrote: »

Hi, my partner and I have recently started saving for a mortage deposit and I obtained a copy of my credit report from Experian. I have two previous arrangement to pay markers on my credit file. One has been settled for three years and one was settled this month. I understand that this will show on my credit file for 6 years from the date the last one was settled so does this mean I have no chance of getting a regular mortage for at least 6 years? After 6 years if I keep my credit file in good standing will this be wiped from my file and make me look good to lend to again or will I always struggle to get a mortage? Thanks for looking :-)

Time from last issue and size of deposit will determine what you can do and when.

The longer the time, the smaller the required deposit; the larger the deposit, the shorter the required time.

Biffy22

Hi I'm new to this site and don't know how to quote comments to reply so please bare with me lol.

Prawnk1ng - I have actually used Experian, equifax and clear score. Equifax and clear score give me a score of around 480/490 and Experian bizarrely give me an excellent score in the 900 bracket. All my other bills are paid on time as I have matured over the last few years.

King street - thanks for the info! We are at the start of our saving period we started saving in March and have managed £1500 in a help to buy Isa between us so far.