Arrangement to Pay Credit Card

From your question, it seems as though your arrangement has not caused any problems with your credit record and your credit card conduct will stand you in good stead when it comes to assessing your willingness and ability to pay. 

Credit Record 

However, your credit record only forms part of the information lenders take into account and they will also look at things like how long you have had a bank account, how many times you have moved in the last 3 years, whether or not you appear on the voters roll and the length and type of your employment. It is difficult to guarantee that you will be able to get a mortgage, but we believe you have every chance of being successful. 

Arrangement to Pay Credit Card Summary 

Based on the information you've provided, it sounds like you've managed your credit responsibly in recent years, which is a positive factor when applying for a mortgage. 

Here are some points to consider regarding your credit situation: 

1. Recent credit behaviour - lenders typically place more emphasis on your recent credit behaviour rather than past financial difficulties. The fact that you've been approved for and managed credit cards responsibly in the past 12-18 months is a good indicator of your current creditworthiness 
2. Arrangement to pay - while you had a previous arrangement to pay £1 per month on a credit card, the fact that your credit reports show you as up to date on payments without any defaults is positive. Lenders may view this as evidence that you've fulfilled your obligations and are managing your credit responsibly 
3. No missed or late payments - the absence of missed or late payments in the last 2-3 years is excellent for your credit profile. Consistently making on-time payments demonstrates financial responsibility and reliability to lenders 
4. Credit limits and utilisation - lenders also consider factors such as your credit limits and credit utilisation ratio (the amount of credit you're using compared to your total available credit). Keeping your credit card balances low and paying them off in full each month can help maintain a healthy credit utilization ratio, which is favourable for your credit score 
5. Mortgage approval - while your credit score is an important factor in the mortgage approval process, lenders also consider other factors such as your income, employment history, debt-to-income ratio, and overall financial stability. Given your responsible credit behaviour and the absence of recent negative marks on your credit report, you may still have a good chance of getting approved for a mortgage 
6. Credit report accuracy - it's essential to review your credit reports regularly to ensure they accurately reflect your credit history. If there are any errors or inaccuracies, you can dispute them with the credit bureaus to have them corrected. 

Ultimately, while your credit score is a significant consideration, it's just one aspect of the mortgage application process. Be sure to gather all necessary documentation, including proof of income and assets, and work with a mortgage advisor who can guide you through the process and help you present your application in the best possible light. With your responsible credit management and positive recent credit behaviour, you may indeed have a good chance of securing a mortgage. 

We may be able to help you and that you would benefit from speaking to one of our independent mortgage advisers. Please call 0808 291 6995 and they will then be able to help you find the right mortgage for your situation.