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FD and credit rating
mstopham
Posts: 200 Forumite
I have had a new scenario open up to me.
Basically my father is looking for a 7% return on investment, he knows me and my fiance are looking at moving in together with a view to saving up for a house in 2/3 years.
He has proposed that he use his capital investment essentially as a deposit (he was looking for buying somewhere and renting it) for us to get our house.
Built in with this he has suggest I clear my debts and has also offered 50% of any profit should the property be sold. This would be done in my name (as he pointed out if he bought it and croaked it would come to me minus IH tax bill anyway)
For this to work though I would need to secure a mortgage. My credit rating whilst not awful is showing plenty of debt via credit cards/loans etc. This would all be cleared so I only have the mortgage debt.
Does anyone know what First Directs criteria are for lending? Has anyone any experience of them taking circumstances/clearing debt etc into account?
Basically my father is looking for a 7% return on investment, he knows me and my fiance are looking at moving in together with a view to saving up for a house in 2/3 years.
He has proposed that he use his capital investment essentially as a deposit (he was looking for buying somewhere and renting it) for us to get our house.
Built in with this he has suggest I clear my debts and has also offered 50% of any profit should the property be sold. This would be done in my name (as he pointed out if he bought it and croaked it would come to me minus IH tax bill anyway)
For this to work though I would need to secure a mortgage. My credit rating whilst not awful is showing plenty of debt via credit cards/loans etc. This would all be cleared so I only have the mortgage debt.
Does anyone know what First Directs criteria are for lending? Has anyone any experience of them taking circumstances/clearing debt etc into account?
A+L Loan £168 Hitachi Loan £0 Bank of dad £19,664
Debt Free Date 01/08/13
Debt Free Date 01/08/13
0
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