Impossible to get a mortgage in our position?

LeanneJ

Hi all,

Me and my partner are desperate to buy our first home together but we are in a really bad position. Our credit rating is poor due to bad debt built up when I was a student and my partner was made redundant, we have no deposit and to top that we are both agency workers. We earn really good money now but with all the other stuff will it be impossible for us to get a mortgage? Is there any way around it at all?

Thanks

Leanne

TrickyDicky

You will need a 10% deposit + costs associated with moving (solicitors fees, stamp duty, moving fees) in cash. If you have any existing debts, they will count against your deposit when applying for a mortgage. I would advise paying off the debts first before thinking about applying for a mortgage.

Cannon_Fodder

As you earn really good money, it should not take too long to clear any residual debts and save a deposit. Go to it !