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mortgage - how long from paying off debts?

(4 Posts)
walkinginto2017 Sat 31-Dec-16 16:14:18

We've had a really bad few years financially. Mostly due to needing to relocate very quickly due to needing significant hospital treatment elsewhere and having 2 houses on the go for 10 months. We have now sold our house and are still in our rental near family and the hospital although that period thankfully has past and good health seems to be here to stay. This long dreadful time meant we ran up a lot of debts, mostly credit cards etc.

We are due to receive a quite large inheritance which will allow us to pay all the debts straight away and have a good chunk of money for a deposit - but how long will we need to have scrupulous bank statements for? Will they see lots of credit card payments (although paid off in full) over the last 18 months and go hell no or will they see it as paid off therefore of no concern? It's been a very long time since I applied for a mortgage so I've no idea.

The other factor is while my husbands job is well paying and very stable, mine is temporary. Where do we stand there? We could get by just on his mortgage availability but houses would be very small (although at this stage I just want to get out of this rental flat and ridiculously pay less on a mortgage than the rent....)

Any help or advice would be really welcome, thanks.

cozietoesie Sat 31-Dec-16 17:44:01

Were you paying on these debts? (Eg the minimum payments that CCs require.)

avengers2016 Sat 31-Dec-16 18:36:50

Oh yes. Paying the minimum payments plus a bit extra. No defaults or late payments. Just accrued debt due to having to run 2 houses with one reduced income at the time.

Yesitsmeagain Sat 31-Dec-16 18:39:13

If you've stayed within your agreed credit limits and made payments when they were due and debts all settled when you make your application the extra credit history will probably do you a favour.

You can easily go online and get a copy of your own credit rating/report. (Costs money)

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