Mortgage Possible?

freddy82

I'm not sure if I'd be able to get a mortgage but want to see what you guys think.

I have around £10k on CC's and owe £10k on 2 loans. This is all left over from my student days and the loans are from professional education after my degree. I guess my credit rating is pretty poor due to the amount of money I owe and also the fact I've made several applications to transfer my balance and some were refused. I've also missed a few payments over the last few years although not for the last year.

I earn around £23k (although this should increase rapidly in the next 18months once I qualify) and am looking for a mortgage for £80k. However, I've been offered a £20k deposit by my dad. I'd rather use this to clear all or some of my debts and take out a larger mortgage. Do you know if lenders will take this into account and give a mortgage on the condition all my CC's and loans are paid off? I'm not really in a position to pay off all the debt with the deposit and then wait a few months before I apply.

Anyone got any advice? I'm considering going to a broker and am just waiting for a copy of my credit report to arrive.

Officer_Dibble

My only advice would be - unless there are urgent personal circumstances dictating otherwise, not to rush. If your income's likely to increase rapidly in the next 18 months, why not hang on until it actually has done, build up a slightly longer period of clean credit, and you'll be in a much stronger position with lenders. Presumably your dad's offer of £20k would still be open then?