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Buying a house from parents 7 worried about bad debt
Comments
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If I was a lender that type of statement would have the alarm bells ringing so loud I'd have a headache!!
Why spend a fortune on something cosmetic when you have outstanding debts that are trashing your credit rating??????
I really mean curtains and flooring and beds. Nothing extravegantI doubt you'll get a mortgage until you've repaired your credit ratings and that ain't gonna happen any time soon!!.
Would it really be such a terrible idea to take out a loan to pay everything off.
Dont know how terrible my own credit is as I got a car from a Volkswagen dealer 6 weeks ago0 -
What is your income? is your girlfriend working currently - you said she has started applying for jobs. Even if you could get a mortgage you would need a salary of approx £45k to get that size of mortgage
Our combined income will be approx £45k. She is in the last few weeks of her degree and only working part time doing waitressing.0 -
That loan and the VW loan will both show up to the lender and I'm fairly certain would be considered in terms of affordability to repay the mortgage.Would it really be such a terrible idea to take out a loan to pay everything off.
Dont know how terrible my own credit is as I got a car from a Volkswagen dealer 6 weeks ago
From what I've seen on here and elsewhere lenders are very much cherry picking the lowest risk cases to lend to - they don't have to lend to you and if you have recent defaults and your gf has more long standing bad debts - then I doubt you'd be considered low risk. All this is really a bit academic until you get your credit reports and see what they say.0 -
anytime anyone gives you an 0845/44/70 number go to the website saynoto0870 and get a generic number.
These 08 numbers annoy me so much as they are income generated and they get paid for you ringing them. huh
Sorry, cant help with the other business but hope things go alright for you.
Off topic, but 0845/44 numbers are normally local rate, or free on BT packages I believe.
I work in a call centre, and the 'generic' number is specifically for people phoning from abroad so they're dealt with quickly, so it's very frustrating when it's blocked up with people from the UK.0 -
Also off topic. But it's also very frustrating if you have a non-BT call inclusive package to have to rack up costs phoning every tom, !!!!!! & harry, even where the call is to their advantage.Off topic, but 0845/44 numbers are normally local rate, or free on BT packages I believe.
I work in a call centre, and the 'generic' number is specifically for people phoning from abroad so they're dealt with quickly, so it's very frustrating when it's blocked up with people from the UK.
EDITED to add for toby300:
0845 'Lo-Call'. Can cost up to 7p/min
Don't confuse Lo-Call with local; numbers starting 0845 aren't cheap and again, unless you're on BT, aren't included in ‘free calls' packages. - Source HERE.0 -
At the end of the day, if this goes belly up, we can move back into rented accomodation and they can sell it at a very tidy profit.
What makes you think that?
Have a look at nethouseprice or mouseprice and check if any other similar houses have sold for more than you paid in the last 6 months.
Don't just look at asking prices and assume you will be able to get anywhere near what people are asking, because the reality is much different!
Can't help be think its madness for your parents to push you to get a mortgage in the current economic climate. As a graduate myself, we are the first to get sacked when firms start to cut back. Unemployment is increasing at the fastest rate since records began!0 -
On topic
If the debts are from 10 years ago, some of them may have disappeared off her credit record and may even be statute barred. You both need to do credit checks with all three agencies - directly rather than through intermediaries.If you've have not made a mistake, you've made nothing0 -
themanbearpig wrote: »What makes you think that?
Have a look at nethouseprice or mouseprice and check if any other similar houses have sold for more than you paid in the last 6 months.
Don't just look at asking prices and assume you will be able to get anywhere near what people are asking, because the reality is much different!
Can't help be think its madness for your parents to push you to get a mortgage in the current economic climate. As a graduate myself, we are the first to get sacked when firms start to cut back. Unemployment is increasing at the fastest rate since records began!
I know that the bank who reposessed the house knocked back an offer of £195,000 last year. We were lucky that our friends company were the liquidators and they done us a massive favour by basically only opening the auction to us and telling the bank that they had only received one offer and advising them to accept it.
NHS jobs are very secure, so that is'nt a worry. I'm just gonna have to keep paying the loan to my parents until my credit report is clean.
Its a real pity as interest rates are gonna be higher by the time our ratings get a clean bill of health by the looks of it.0 -
Wow!! I'd be careful about posting that on a public forum - it's suggesting your friends defrauded the bank!! Whilst you were "lucky" - the poor sap who had the property repo'ed still owes the bank more as a result or if it was a ltd company the creditors probably received less than they should!I know that the bank who reposessed the house knocked back an offer of £195,000 last year. We were lucky that our friends company were the liquidators and they done us a massive favour by basically only opening the auction to us and telling the bank that they had only received one offer and advising them to accept it.0 -
Wow!! I'd be careful about posting that on a public forum - it's suggesting your friends defrauded the bank!! Whilst you were "lucky" - the poor sap who had the property repo'ed still owes the bank more as a result or if it was a ltd company the creditors probably received less than they should!
Just what I was thinking. I think the OP and friends are safe though, they haven't divulged too much information, I don't think!?0
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