mortgage advice

vintagegirl

hi
so this is my situation and i am looking for advice.

my boyfriend has been told he will be eligible for a mortgage with skip ton at 5% rate after april 2018 due to his bankruptcy.

i have 5 defaults from 2016 all outstanding and skipton have said they will consider me as well if i only have 2 defaults.

if i pay these balances off to settle them would this make a difference?

Fisa002

I think the advice you will get is to seek a mortgage broker who can advise you in adverse credit.

ACG

Paying off defaults will not remove them, it will just mean they show as satisfied.

It does not sound like you will fit criteria by paying off the defaults.

Also, fitting criteria and being accepted are very different. I am not sure Skipton would accept you even with 2 defaults when combined with bankruptcy.

Thrugelmir

vintagegirl wrote: »

if i pay these balances off to settle them would this make a difference?

Immediately, possibly not. The question that this would raise is if you've the money why haven't you paid them off previously.

Reputation takes time to build and minutes to destroy.

There's a market for virtually all borrowers. Though you'll pay the cost in terms of the product offered.

FTBScotland

Paying them off won't remove them from your credit file immediately, but it'd be a good idea to clear the debts now and start afresh with your finances. Speak to a broker and get some advice going forward to get yourselves in as good a position as you can for applying for a mortgage. It is disheartening and will take time, but if you apply for a mortgage now and get declined that will dent your credit score even more. Lay all your cards on the table and don't hide anything with the broker. Good luck.

vintagegirl

Thrugelmir wrote: »

Immediately, possibly not. The question that this would raise is if you've the money why haven't you paid them off previously.

family bereavement but ill not go into details about this