some advice please.

jonboy35

heres hoping i can get some good advice,

how can i get a 10 or 15 or evan a 20 percent deposit to put down for a morgate with bad credit.

my wife is the bread worker in our marrige, and she has the bad credit, i cant work for many reasons, to do with health issues.we are paying 700 pound on rent at the moment, so we know we can afford to pay a morgate, we have evan payed up to 800 pounds on rent in the past.

lets just say for example me and my wife have seen a house for 120,000 and we get excepted, firstly will we get a morgate, and if yes how do we get the money on 10,15 or evan 20 percent to put down for this 120,000 morgate. we cant borrow it, unless we are not going to the right people, we dont know any loan sharks who would pay out roughly 20,000 loan to us.

so i am asking which direction do me and my wife take.can it be done. or iam i renting till i die.:(

Fire_Fox

You need to save up for it, most lenders won't accept deposits that are loans anyway and they now prefer to see evidence that you can budget/ save. In any case if you have a poor credit rating it is unlikely you will be offered a mortgage. Any benefits you receive cannot be used as income.

The budget calculator used by the Debt-free Wannabe board, complete and post there for comments on how to cut back: http://www.makesenseofcards.com/soacalc.html
Also check out the 'Gambling Loopholes' and 'Up Your Income' boards for lots of ideas on how to bring extra money into the household, even if you are not fully healthy.

G_M

One option might be to move to a house with cheaper rent. If you got your rent down to £4-500 you'd be able to save £2-300 each month.

seabright

Try and improve you wife's credit record. Has she got CCJ's? Pay them off. Is she up to date on her credit cards? If not, sort that out first.

IMHO you need to sort out your overall financial situation before applying for more debt - a mortgage is just debt by anothr name, is that really what's best for you at the moment?

KimYeovil

To pay a deposit of £20,000 you save up £20,000 from your incomes. Similar strategy applies to other sums.

Why are you paying seven or eight hundred pounds in rent? Where on earth do you live? Most cities in Britain have rooms available for three or four hundred pounds or even less. Renting a room would also decrease other bills.

:mad: Grrr posters bumping old threads.

:mad: Grrr posters posting so infrequently they trap posters who should know better.