We want a mortgage.. is it an impossible situation??

pinoyadobo

Hi there

I was wondering whether anyone can advise us on our situation. At the moment my husband and I are renting and its really p***** me off that we have to pay £800 a month. To me thats just dead money. Anyway our combined salary is about 51k a year. So I know that there is no problem with us paying for a mortgage. Only one thing though...my hub was just discharged bankrupt and my credit score is not excatly glowing, I cant even get a credit card. So frustrating coz we really want to get into the property ladder. But what do we do????!!!
Any advice would be soo much appreciated.

MortgageMamma

You are able to get a mortgage but you would need to come up with a deposit. depending on the severity of your past or present credit problems you may need 5%, 10% or even a 15% deposit. The best thing you can do now is both obtain a copy of your credit report and take it along to see a whole of market mortgage advisor, who will assess your needs and recommend a suitable mortgage product. This will also help determine the level of deposit you will need. You will not qualifiy for a 100% mortgage unfortunately. Another option to get on the housing ladder would be to look at a shared ownership property where you own a portion and a housing association owns a portion and charges your rent for the portion of the property they own. You can buy out the HA's share in time.