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Selling up to rent, but will debts stop us?
GazNicki
Posts: 145 Forumite
My partner and I want to sell the house we share (I live here, but the mortgage is in her name and her ex partners for now) and move into a privately rented house closer to my work, and to give the kids a better standard of life.
We viewed one house, and although beautiful, was too small. The Estate Agent told us we would have to pay £50 for a credit check prior to us renting any of their houses, and this immediately became something that we were worried about.
I am working full time, but have CCJs and outstanding debts - my credit rating is poor.
My partner is on Incapacity Benefit and has outstanding debts too - her rating is also poor.
When we sell the house we would have some money from the equity that would allow us to rent for quite some time comfortable, as well as try to save up for a deposit on another property in the future.
Will our credit ratings stop us from Renting? Would we be able to get another mortgage to buy a different property instead? Would we be able to re-mortgage as a very last resort?
Any help would be much appreciated.
We viewed one house, and although beautiful, was too small. The Estate Agent told us we would have to pay £50 for a credit check prior to us renting any of their houses, and this immediately became something that we were worried about.
I am working full time, but have CCJs and outstanding debts - my credit rating is poor.
My partner is on Incapacity Benefit and has outstanding debts too - her rating is also poor.
When we sell the house we would have some money from the equity that would allow us to rent for quite some time comfortable, as well as try to save up for a deposit on another property in the future.
Will our credit ratings stop us from Renting? Would we be able to get another mortgage to buy a different property instead? Would we be able to re-mortgage as a very last resort?
Any help would be much appreciated.
GETTING BACK ON TRACK (SLOWLY)
Aqua Card: [STRIKE]-£1122.43[/STRIKE] £0 (DFD 12/04/17) | Barclaycard (0%): -£1898.85 (DFD 15/11/2020) | Blackhorse HP: [STRIKE]-£6997.00[/STRIKE] £0 (DFD 12/04/17) | Very.co.uk: [STRIKE]-£789.69[/STRIKE] £0 (DFD 12/04/17) | Zopa Loan (16.9%): £3135.00 (DFD 19/10/18) | Natwest Loan: £5584.00 (DFD 01/09/2020)
Debt: -£17628.12 @ 01/03/17 --> -£10617.85 @ 12/04/17
Aqua Card: [STRIKE]-£1122.43[/STRIKE] £0 (DFD 12/04/17) | Barclaycard (0%): -£1898.85 (DFD 15/11/2020) | Blackhorse HP: [STRIKE]-£6997.00[/STRIKE] £0 (DFD 12/04/17) | Very.co.uk: [STRIKE]-£789.69[/STRIKE] £0 (DFD 12/04/17) | Zopa Loan (16.9%): £3135.00 (DFD 19/10/18) | Natwest Loan: £5584.00 (DFD 01/09/2020)
Debt: -£17628.12 @ 01/03/17 --> -£10617.85 @ 12/04/17
0
Comments
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Your credit history might affect your ability to rent but if you were to offer eg. 6 months up front, you might get away with it as it shows you have the money at least.
You might be better trying to find landlords directly rather than through agents who can sometimes be a bit 'computer says no'.Everything that is supposed to be in heaven is already here on earth.
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A good suggestion from Doozer girl. :A...............................I have put my clock back....... Kcolc ym0
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what about the money that is owed to the ex partner, he must be still on the deeds if the mortgage is in his name??
id try and find a landlord direct, i think letting agencys are a rip off0 -
My niece and her hubby have a very poor credit score between them....they managed to find a LA that didn't do credit checks, I do believe the rent they pay for their property is slightly above others available of the same spec.0
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My father has a couple of flats that he rents out, and he recently let one to someone with CCJs. She paid 6 months in advance and had references, so he didn't mind. Most decent landlords understand that life isn't black and white, and that as long as you can provide suitable guarantees (possibly from parents etc) then you should be ok.
Try the local free-ads, as they are more likely to yield a private landlord that doesn't do credit checks - that or gumtree0
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