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Mortgage
Super_Ram
Posts: 105 Forumite
Hi There
I was wondering if I could get some advice.
I know Mortgages nowadays are near impossible unless you have a good credit history and large deposit but I am just wanting to know what situation we are in and what we need to do to ge into a position of getting a mortgage whether it be time or money etc
My Situation is I am 32. I have been in my job for 5 years and am on a Permanent contract paying a wage of 24K. I have however had an IVA for past 2 years which I completed early about 4-6 months ago but will still sit on my file for another 4 years. Apart form this I have nothing bad on my credit file.
My partners situation is she is 23. She has been in the job for about 3 years on a permanent contract paying a wage of 18.5K. she has got 2 defaults on her Credit File which have been satisfied for about 3 years now but will stay on there for a further 3 yers before clearing. Apart form this there is nothing bad on her credit file.
In terms of deposit we have not got one at the moment but are looking to start saving in the next few months.
In terms of Income and Outcome for affording a Mortgage we after bills which includes rent are left with between 1K-1.5k a month so would have no issue affording a Mortgage.
So I know straight form that above there are a few issues with no deposit to our credit files.
What I want to know is the best course of action to get in the right position quick enough.
As in if we saved a god 10-15K deposit in the next year would it really make a difference or because of bad credit ratings would we have to wait a couple of years regardless of deposit.
Also not sure if we would stand a better chance going for a cheaper house with only my partner applying whihc leaves of my IVA or would the extra wages bode well for us if went joint.
Another option and I am not sure if this is even an option is getting a Mortgage in my mums name. She is 60 and has very good credit history and job. Didnt know of because of age she would not be considered
Cheers for any help
I was wondering if I could get some advice.
I know Mortgages nowadays are near impossible unless you have a good credit history and large deposit but I am just wanting to know what situation we are in and what we need to do to ge into a position of getting a mortgage whether it be time or money etc
My Situation is I am 32. I have been in my job for 5 years and am on a Permanent contract paying a wage of 24K. I have however had an IVA for past 2 years which I completed early about 4-6 months ago but will still sit on my file for another 4 years. Apart form this I have nothing bad on my credit file.
My partners situation is she is 23. She has been in the job for about 3 years on a permanent contract paying a wage of 18.5K. she has got 2 defaults on her Credit File which have been satisfied for about 3 years now but will stay on there for a further 3 yers before clearing. Apart form this there is nothing bad on her credit file.
In terms of deposit we have not got one at the moment but are looking to start saving in the next few months.
In terms of Income and Outcome for affording a Mortgage we after bills which includes rent are left with between 1K-1.5k a month so would have no issue affording a Mortgage.
So I know straight form that above there are a few issues with no deposit to our credit files.
What I want to know is the best course of action to get in the right position quick enough.
As in if we saved a god 10-15K deposit in the next year would it really make a difference or because of bad credit ratings would we have to wait a couple of years regardless of deposit.
Also not sure if we would stand a better chance going for a cheaper house with only my partner applying whihc leaves of my IVA or would the extra wages bode well for us if went joint.
Another option and I am not sure if this is even an option is getting a Mortgage in my mums name. She is 60 and has very good credit history and job. Didnt know of because of age she would not be considered
Cheers for any help
0
Comments
-
At this point in time you're doomed.
You need to do 2 things:
1) Save up a big deposit (ideally 25%+ of the purchase price).
2) Pay all your bills when due and let your bad credit history disappear as time progresses.
Might not be what you want to hear ....0 -
Have £1k-1.5K spare a month but no deposit saved !
Poor credit history with IVA and 2 defaults on your g/f file !
Mum is now 60 is she getting the state pension or still working ?
Better to save hard for next 2/3 years and rent0
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