Mortgage application - credit history

Mortgage application - credit history

Author
Discussion

mk2driver

Original Poster:

167 posts

115 months

Wednesday 18th January 2017
quotequote all
Later this year my wife to be (April marriage) and I will be applying for a mortgage.

She currently has a mortgage on a flat that we both live in (bought before she met me) - 85k owing on a value of around £130k.

She has this and other normal household bills etc that come out every month but has never had a credit card or loan.

I on the other hand have plenty of history with credit cards, two loans and some car finance. I'm currently paying the last of a loan and credit card off that will be cleared before we apply.

We will probably be going for a house at a 85-90% LTV depending on how much we will be allowed to borrow. Both of us have excellent Experian scores - 980+

A couple of questions

1) Will my other halfs lack of short term borrowing affect our application? Or is the high credit score and mortgage history of nearly 5 years payments be enough?

2) Will my history of short term borrowing have an adverse affect or is it positive as I will have paid it off? Never missed a payment and as mentioned excellent credit score.

Thanks

Sarnie

8,025 posts

208 months

Wednesday 18th January 2017
quotequote all
mk2driver said:
Later this year my wife to be (April marriage) and I will be applying for a mortgage.

She currently has a mortgage on a flat that we both live in (bought before she met me) - 85k owing on a value of around £130k.

She has this and other normal household bills etc that come out every month but has never had a credit card or loan.

I on the other hand have plenty of history with credit cards, two loans and some car finance. I'm currently paying the last of a loan and credit card off that will be cleared before we apply.

We will probably be going for a house at a 85-90% LTV depending on how much we will be allowed to borrow. Both of us have excellent Experian scores - 980+

A couple of questions

1) Will my other halfs lack of short term borrowing affect our application? Or is the high credit score and mortgage history of nearly 5 years payments be enough?

2) Will my history of short term borrowing have an adverse affect or is it positive as I will have paid it off? Never missed a payment and as mentioned excellent credit score.

Thanks
Potentially yes to both, especially if you end up at 90% LTV or higher and apply to a particularly strict lender.............

mk2driver

Original Poster:

167 posts

115 months

Wednesday 18th January 2017
quotequote all
Would it be helped if she took out a credit card and made some small purchases on it and cleared it in full every month?

I can't do a huge amount about my borrowing history - it was needed to support me moving countries for work and getting set up. I will be trying to pay off as soon as possible though

Sarnie

8,025 posts

208 months

Wednesday 18th January 2017
quotequote all
mk2driver said:
Would it be helped if she took out a credit card and made some small purchases on it and cleared it in full every month?

I can't do a huge amount about my borrowing history - it was needed to support me moving countries for work and getting set up. I will be trying to pay off as soon as possible though
It can't hurt!