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First time buyer help
xxd25xx
Posts: 5 Forumite
Hello,
I'm a first time buyer, well hopefully! I'm trying to arrange a meeting with a mortgage adviser to find out whether my partner and I could realistically get ourselves on the ladder. Thing is he is paying back his debts (racked up while studying) via PayPlan's Debt Management Program. It's not an IVA but do you think this will affect him being accepted?
I'm a first time buyer, well hopefully! I'm trying to arrange a meeting with a mortgage adviser to find out whether my partner and I could realistically get ourselves on the ladder. Thing is he is paying back his debts (racked up while studying) via PayPlan's Debt Management Program. It's not an IVA but do you think this will affect him being accepted?
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Comments
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Yes will definitely affect his chances of getting accepted, if he has a debt management plan in place it shows on his credit file as arrangement to pay. What sort of debt? How much still outstanding?
Do you have a big deposit?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
About 13K!! The debt is for his career development loan... plus a couple of credit cards that he took out to pay back the CDL. Big mistake!! I don't have any debts other than my student loan.
If we buy it'll be because parents have helped out so yes, we'd have a big deposit.0 -
I thought 13k was a big deposit until they asked for 25% (£23,750)!!!
All depends on LTV though I guess.
Good luck0 -
I think the £13k is the debt - deposit's coming from parents. Could've missread though.0
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Yes, 13K is the debt.
Deposit would be a lot more than that, although have yet to discuss fine details!0
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