I plan to get a mortgage in about 3 years time, however I've just checked my Experian credit rating and it is 635 (poor) and I would like advice as to what is my best course of action over the next 3 years.
Details of my poor credit :-
2 year old default for £457, will be fully paid off in April this year.
7 payday loans. I've recently got a full time job as a nurse after finishing my training in January. So I'm much better off now and will not be getting any more payday loans.
My credit report also shows my phone contract (always paid on time). And my current account (no negatives there).
I'm in the process of becoming registered at this address on the electoral register.
Right, thanks for sticking with this...now the mortgage.
I have inheritance of 10k, plus 5k which I aim to save myself over the next 2-3 years. So 15k deposit.
I will hope to borrow 60k, so 75% LTV?
I earn 21k, so would be borrowing 3 times my income and I am single. I have a 2k overdraft (which I hope to pay down but no other loans or credit)
Anyway...What are my chances? Will my credit improve in 3 years. The default will be 5 years old. I basically just want to plan for the future, but will rule out buying if I am unlikely to get a mortgage and consider other options.
Apologies for the length of this post, but I know there are lots of experts on here. Thanks
Details of my poor credit :-
2 year old default for £457, will be fully paid off in April this year.
7 payday loans. I've recently got a full time job as a nurse after finishing my training in January. So I'm much better off now and will not be getting any more payday loans.
My credit report also shows my phone contract (always paid on time). And my current account (no negatives there).
I'm in the process of becoming registered at this address on the electoral register.
Right, thanks for sticking with this...now the mortgage.
I have inheritance of 10k, plus 5k which I aim to save myself over the next 2-3 years. So 15k deposit.
I will hope to borrow 60k, so 75% LTV?
I earn 21k, so would be borrowing 3 times my income and I am single. I have a 2k overdraft (which I hope to pay down but no other loans or credit)
Anyway...What are my chances? Will my credit improve in 3 years. The default will be 5 years old. I basically just want to plan for the future, but will rule out buying if I am unlikely to get a mortgage and consider other options.
Apologies for the length of this post, but I know there are lots of experts on here. Thanks