Hello peeps,
Having declined by (halifax) yesterday, for discrepancies in my paperwork (?) which obv they didnt disclose, we have decided not to go ahead with the mortgage application elsewhere (apart from Lloyds TSB which I have applied online, coz am banking with them)
This post is for my OH, whos credit history is bad. He has no personal loans/mortgages in the past, all he has are credit cards - loads of them (like 12-13) and has many defaults on them the oldest being 2007 and the latest 2009. He did pay for a few months witht he CCCs but credit-crunch and lost his job in 2008... he managed to pay till 2009 and he then completely stopped taking their calls.
I know, he wont get a mortgage at any circumstances, but my question is... now coz we are not going ahead with buying the house, I am more than happy if he uses the deposit money to settle his accounts. He did say he will do them.
Will his defaults be cleared ? Will his credit history improve?
I am more interested in the long term implications rather than hurriedly buying a house tbh (must have thought abt the same before applying for mortgage I know!!! ) He is currently in his permanent job of 60k in an insurance company.
Kindly advice.
Having declined by (halifax) yesterday, for discrepancies in my paperwork (?) which obv they didnt disclose, we have decided not to go ahead with the mortgage application elsewhere (apart from Lloyds TSB which I have applied online, coz am banking with them)
This post is for my OH, whos credit history is bad. He has no personal loans/mortgages in the past, all he has are credit cards - loads of them (like 12-13) and has many defaults on them the oldest being 2007 and the latest 2009. He did pay for a few months witht he CCCs but credit-crunch and lost his job in 2008... he managed to pay till 2009 and he then completely stopped taking their calls.
I know, he wont get a mortgage at any circumstances, but my question is... now coz we are not going ahead with buying the house, I am more than happy if he uses the deposit money to settle his accounts. He did say he will do them.
Will his defaults be cleared ? Will his credit history improve?
I am more interested in the long term implications rather than hurriedly buying a house tbh (must have thought abt the same before applying for mortgage I know!!! ) He is currently in his permanent job of 60k in an insurance company.
Kindly advice.