Arrangement to Pay

Posted on 27 June 2012 by Louise


I am about to apply for a mortgage and am worried about my credit score. Quite a few years ago I was in financial difficulties and I had an arrangement to pay a credit card (£1 mth) and have paid it religiously for the past several years, never get a statement or anything asking me to pay more so I have stuck to this amount. In the past 12-18mths I have applied for credit and have been given 2 credit cards with limits of £1300 and £9000 which I have paid off religiously every month. I have no missed or late payments in the last 2-3 years. I have looked at my credit files and they have the card with the arrangement to pay on, stating I pay £1 / mth, however they all state that I am up to date on the payments, there is no details about an arrangement to pay and also no defaults registered. Is there a chance I could get a mortgage??

Louise

From what you have said it does not sound like your arrangement has 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.

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 I think you have every chance of being successful.

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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