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Getting a morgage with 'bad' credit history?

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
I'm looking to get a place in a couple of years or so, there's these schemes that help put first time buyers...I'm still looking into it.

However I don't think my credit history is squeaky clean. I sometimes pay my credit card late and have even missed a payment or two. Plus when I left uni I owed them money for fees (I left before the loan was paid to the uni, long story) and the debt was passed to a debt agency but I am paying them off bit by bit.

I don't really know how all this kind of stuff works but is any of this going to majorly affect my morgage chances? Or are they just little blips? If they are bad will being a good girl with my money for a couple of years or so help it out?

Ta

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hey,

    With mortgages and lending being really strict at the moment, then they are using any excuse to not lend to anyone.

    In all honesty (and I apologise if this sounds harsh), if you are late paying your credit card bill and you were late paying your uni fees, do you think you could rely on yourself to pay a mortgage?

    As you are credit scored for all such applications, I'd defo ensure your credit file is in check - maybe order a copy of it and see how it looks. If it's looking a bit iffy, then i'd try and sort your finances pronto.

    You say will 'being a good girl for a few years' help - i'd so no. Be a 'good girl' from now on. Start as you mean to go on, otherwise you are just opening yourself up to a world and future of debt.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Thanks for replying!

    I think I've been a wee bit misunderstood, first of all I wasn't late paying my uni fees, I dropped out of uni in the November so they said to me I owe them money for tuition for the month or so I was there-as the fee loan isn't actually paid until the January. The reason I paid my card late was because of uni-I didn't always have the moolah.

    Don't apologise for sounding harsh I know I've been a bit of a financial fuckwit in my time and I did question myself about paying a morgage on time, I thought long and hard about it and I honestly believe I'll be ok with it.

    Also I did say at the beginning of my post that I was looking to get a place in a couple of years or so so when I said I'll be good for a couple of years I did mean from now, so when the time comes my financial health will be hopefully a bit better, does this make sense?

    I just wanted to know if I've screwed it up for myself forever
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Ahhh, i get you now about your uni fees.

    In all honesty then, you shouldn't be too bad then - maybe just the odd note on your credit file.

    From now on, just make sure you pay your bills in plenty of time - try and reduce / clear your credit card balance and any other things - car finance etc that you may have. I don't think you've fucked anything up.

    Although it's good to have credit to show you can repay, you may be more likely to be approved for a mortgage in the future.

    Hopefully, as you mention it will be in a few years, banks should be lending again, but get saving a decent deposit for that dream house:yippe:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    That's harsh if they're billing you for the tuition, at my university if you drop out before the first week in December you don't get charged at all.

    A few missed credit card payments won't make too much difference. You'll find it hard to get a mortgage anyway, unless you have a very good deposit.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    that was wonderful info
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