Mortgage help
Hello!
My partner and I are looking at building or buying our first home.
We have saved and saved for our deposit (5% scheme) but now I am stressed.
We had a credit card ($3000 limit) which is cleared and paid off. We had a car loan which we have paid off early (paid off about 4 years early to start our home ownership journey). Our BNPL accounts (rarely used) have been deactivated.
When I was younger I had a personal loan- I don’t even know why I got it, I think everyone was so I joined them. It was a low repayment and small loan which I paid off early HOWEVER in that time frame I have had some late repayments. Nothing too dramatic and no defaults or anything like that but it has really brought my credit score right down
My credit score is showing as 507-583 depending on which agency you look through. I am terrified this is going to impact our mortgage application. My closed credit card is yet to be shown on this report so hoping next month that may boost our figures.
Our combined income is $180k and only looking to borrow about $670k so repayments really will not be an issue but I’m so scared I have screwed this up for us both.
Does anyone have any experience, reassurance, anything of the sort? I’m so financially different to where I was 2 years ago and I’m soooo stressed