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Scottish Trust Deed Forum
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Topic starter
08/10/2013 3:40 pm
Hi I'm new to the forum, please forgive me if I'm asking a question that previously been answered!
Ok situation is this; my partner has completed his trust deed in January of this year. I myself have a good credit rating and have approx £6000 of unsecured debt which I pay a substantial amount to each month.
We want to start saving for a deposit for a mortgage.
I know this is not going to be easy given my partners financial history.
This is our current plan:
Pay off some debts, £480 credit card and £980 sofa
Bank jointly (already happened)
Put a direct debit from my credit card, and pay it off in full every month.
Start saving around £600-£700 per month from February or March for 3 years +
I'd be very interested to hear from people if this best way to improve his and my credit to give us the best possible chance of getting a reasonably good mortgage?
08/10/2013 4:37 pm
Welcome to Trust-Deed.co.uk Theponds.
Congratulations to your partner on completing his trust deed.
Our thoughts about mortgages after trust deeds can be read at:
https://www.trust-deed.co.uk/repair-your-credit-rating.html
Clearing debts first makes sense. Having debts at the time of a mortgage application will restrict the amount that the lender will offer to lend to you. The chances are that your debts will be charging a higher rate of interest than you will be being paid on your savings - so probably best to save once you've repaid the debts as quickly as possible.
Saving a good deposit and allowing some time for your partner's credit rating to improve both seem like very sensible ideas.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
