Mortgage Help

ameyw

Hi all! I'm currently in my 3rd year in Uni doing my Nursing degree however me and my partner are wanting to look for a house as soon as we can when I finish next year. However I have a few queries and wanted some help!

I currently have a defaulted account that will come off my credit December 2019. Because it is so close to being written off will this affect my mortgage application? (We're planning to do a joint application.)

My credit score isn't the best mainly due to the defaulted account mentioned above - what's the best way to improve my credit score?

When is the right time to get a mortgage advisor?

Is 3 months proof of income/payslips enough or does it have to be 6 months?

We have a 30,000 deposit saved up currently, with the aim to get another 10000 by the time we are looking to buy. However our incomes are 23000 and 15500 before tax and I'm unsure if this will be enough to get a good mortgage.

TIA!

[Deleted User]

You say the debt will be written off - are you confusing this with falling off your credit report? Or has it been statute barred as well? Are you still paying it?

You don't have a credit score - just credit history that lenders will look at.

The best way to establish a good history is to use a credit card regularly and clear in full each month.

ameyw

Sorry I should have made that clearer. The debt will be falling off my credit report in December 2019. The bank account is defaulted and was paid off a month or 2 after so there is no outstanding debt.

middleclassbutpoor

Deleted_User wrote: »

The best way to establish a good history is to use a credit card regularly and clear in full each month.

Im not sure if that is entirely true in the sense of a solitary statement. If you have a credit card and can do this then it will add to the overall picture of your credit worthiness for sure. It's not going to help though if.....

You are not on the electoral roll
You have little history with your bank and are constantly swapping them involving credit checks everytime you do this.
You have been late with payments on credit account such-as utilities/mobile phones etc.
If you were using your credit card for cash advances and repaying these back

Some of this may be obvious but the best thing you can do for your credit history is just pay things on time, ensure you are registered correctly and that you are not making unnecessary applications for credit. If you have credit accounts already for phone/utilities etc then you should be fine - especially with a decent deposit.