Mortgage Advice Please

Jenjens3108

Hi, I am a first time buyer, looking to get a mortgage with my husband at the end of this year.
I have previously defaulted on some credit accounts (over 6 years ago) but for the past 5/6 years have been making regular payments each month to pay off the debt. I was down to one last payment plan on my old Very account and have just paid this off in full at last, so I now have no payment plans in place! For the first time in years so I am very happy! I have been working hard to improve my credit score whilst also saving for a deposit. Mine and my husbands joint income is £65k a year and we will have a £30k deposit in the next few months, after saving for the last few years.

My question is, now that the payment plan is paid and closed, is there a period of time in which I should wait to apply for a mortgage? Like I said, I am not looking to get one until later on this year but wanted to know if this is doable? My husband has no debt at all, no credit cards. I have a credit card with £1000 on it (limit of £2000) and I am now going to concentrate on paying this off to get the amount down. Will I be able to apply for a mortgage with this credit card? When I spoke to Which? Mortgage advisors last month they advised the credit card wouldn’t really affect the chances of getting a mortgage but the payment plan would, hence why I have now paid this off.

I am going to speak to a free mortgage advice service again in a month or so, just wanted to know whether anyone had any advice?
Thanks

kingstreet

What is visible on all three versions of your credit file - Experian, Equifax and Call Credit?

It is this information which will determine your options.

If you have just finished paying something which was defaulted more than six years ago, it may not be visible on your credit file(s).

Jenjens3108

Hi,

I have my credit report from Experian and the account I have just paid off is not visible on there. I don’t have the other reports.

Thanks

kingstreet

Jenjens3108 wrote: »

Hi,

I have my credit report from Experian and the account I have just paid off is not visible on there. I don’t have the other reports.

Thanks

Get them.

Lenders source their data from one or two of the CRAs and not usually all three. Likewise, creditors may report a default to only one or two of the CRAs.

You can therefore have better or worse credit files depending on your creditor(s) and their chosen CRA(s).

If you only have Experian and you decide you want a mortgage from Skipton BS which sources only from Call Credit, how do you know your Call Credit file doesn't show the adverse missing from Experian, or Equifax which might see you declined by Skipton?