First time buyers. Good credit and bad credit

sazzyy

Hi there I’m new to the forum. I’ve come looking for some advice. So me and my other half are looking to buy our first place. He has immaculate credit rating, like 15 points from the very top. My credit rating isn’t as good. It is 626/999 in the middle of the poor section.
I have a credit builder card to make small purchases on and pay off in full to try and build it.
He is employed.
I am self employed.
We have 10% deposit.
What are the chances of getting accepted for a mortgage as my rating is so low.

In a years time if I carry on paying my bills as normal on time will it go up much?

Will his good credit make up for my bad?

Will being self employed make it harder?

Sorry for so many questions!

Any advice would be much appreciated:D

foxy-stoat

Pay little attention to credit score - its history the lenders look at.

Keep paying your commitments and build the deposit - look at slightly cheaper properties to decrease your LTV.

campbell19925

Likely you being self-employed would mean you'd need a broker

sazzyy

I was on a debt management plan with stepchange which was completely paid off at the beginning of the year. All paid on time. Since then all my bills have been paid on time. Is another year enough for me to be considered?

ACG

It is very difficult to answer your question as it will all depend on how everything appears on your credit report (not the score).
If the payment plan shows as AR (arrangement to pay) or arrears, there is a strong possibility you will end up with a lender who does not credit score (higher rates, more thorough underwriting process).

Being self employed will not make any difference as such, but your income will typically be an average of the last 2 years incomes rather than your current income for someone who is employed.