How many years of credit history are really considered by lenders when applying for a mortgage (first time buyers)?
Neither of us have any outstanding loans, etc
My partner has perfect credit history and a very significant deposit.
I may be the problem..
I have just closed the one loan I had remaining this month. So I am now working on saving for the next 6 months before considering applying for mortgage approval. I want to do this in order to save money but also to show the banks my ability to repay.
The problem is that I am worried that my CCR report will show two issues ;
One - a college credit card that was revoked but ultimately paid off in full when I could in 3 years ago. It is due to come off my CCR report in one year as the account was actually closed four years ago.
Two - a credit union loan I got 13 payments behind on but caught up fully when I could in 2020. Ultimately the loan was paid off early a year ago.
Basically the two issues above will show on my CCR, but it will also show a perfect credit history for me for the last 3 years (no arrears).
Do you think I have any chance in applying for a mortgage with my partner in 6 months from now when I have a record of repaying ability?
Neither of us have any other real outgoings apart from fuel, food and contribution to bills at home. Both living at home with our parents still to save. Joint income of 135,000.
Thanks for reading.. !
Neither of us have any outstanding loans, etc
My partner has perfect credit history and a very significant deposit.
I may be the problem..
I have just closed the one loan I had remaining this month. So I am now working on saving for the next 6 months before considering applying for mortgage approval. I want to do this in order to save money but also to show the banks my ability to repay.
The problem is that I am worried that my CCR report will show two issues ;
One - a college credit card that was revoked but ultimately paid off in full when I could in 3 years ago. It is due to come off my CCR report in one year as the account was actually closed four years ago.
Two - a credit union loan I got 13 payments behind on but caught up fully when I could in 2020. Ultimately the loan was paid off early a year ago.
Basically the two issues above will show on my CCR, but it will also show a perfect credit history for me for the last 3 years (no arrears).
Do you think I have any chance in applying for a mortgage with my partner in 6 months from now when I have a record of repaying ability?
Neither of us have any other real outgoings apart from fuel, food and contribution to bills at home. Both living at home with our parents still to save. Joint income of 135,000.
Thanks for reading.. !