Buying a home with your partner or friends can be a much needed boost to get on the property ladder – helping to raise a bigger deposit and making your dream that extra bit more affordable.
Checking yourExperian Credit Reportcan also help you see if and how you are financially linked. It can also help you understand if you need a little work to tidy up your credit history before a joint mortgage application is made. Here are some key tips we’ve put together to help you, if that’s what you’re about to do.
In fact, almost half (45%) of those who planned to buy a property since the introduction of the MMR last year have failed to do so, according to new research commissioned by Experian.
A quarter claim that the MMR has impacted their ability to buy a property, while a further third (37%) report that the changes have made them feel less in control of securing a mortgage. Continue reading →
Generally speaking, the higher your credit score, the better your chances are of getting your mortgage, lower interest rates, and better deals. When you make your application, the lender will use the data & information held on your credit report, as well as other information within your application, to give you a credit score. This will tell them whether to accept you as a customer or not.
The Financial Ombudsman Service ruled in the couple’s favour and ordered the bank to pay them £500 in compensation, saying that the bank had relied on “untested assumptions, stereotypes or generalisations in respect of age”.
So should we be given the chance to keep up mortgage payments past the age of 65? Continue reading →
Could your credit history prevent you from getting a mortgage?
Experian research suggests that more than a quarter of people in the UK looking to buy their first home before 2016 – around 1.81 million people – have missed credit repayments, defaulted accounts and CCJs currently listed on their credit report. And all of these could prevent them from securing a mortgage.
Applying for a mortgage is rarely a straightforward process. Your mortgage is likely to be the biggest financial commitment you’re ever going to make – with lots of decisions to make, forms to fill in and waits for lenders to respond.
In April 2014, the process was made even tougher with the introduction of new rules on mortgage affordability. In this video, financial journalist Melanie Wright helps us find out what the new mortgage affordability rules might mean to you.
My partner has a poor credit score due to falling behind on credit card payments when he was out of a job and the account had defaulted. We are currently trying to find a mortgage but because of this we cannot seem to get one. Would paying the remainder of the account in full help with his credit and possibly be accepted for a mortgage?