Help getting a mortgage

kayleigh_c

Hi,

Im wondering if anybody can offer any assistance?? Anyway, both myself and my partner are 24 and both have bad credit. I am currently paying my debt through a debt management plan which has been going on for over a year now, i have never missed a payment and have increased my payments to them to get rid of the debt asap! My partner has missed payments on things whilst sorting out payment agreementrs with companies.

Anyway, we would like to get a mortgage but dont know where to start! We earn about 42k a year between us, and at the moment are paying £500 a month rent and its driving us mad because its just throwing money away. We can afford a mortgage no problem at all, its just the fact of getting one! We have parents who would act as guarantor's as well if needed.

Can anybody offer any help pr advice on this?? i dont really trust these internet companies that promise to get your mortgages if you have bad credit - they charge £995!!

Thanks in advance!!

herbiesjp

What prices are you looking at in your area?

What kind of deposit do you have to put down?

Guarantors are only used in cases where affordability is an issue and extra income needed to agree the mortgage amount.

Guarantors do not help when there is adverse credit in the background.

TrickyDicky

Rent is NOT throwing money away - it means you have somewhere to live!

Thrugelmir

Clear your debts , then start saving a deposit. There's no easy option.

Seems you are on the right track. Stick with it.

kayleigh_c

I have enough money to clear my debts and pay rent / mortgage.

I think rent is throwing money away when you could be paying it off a house you own rather than to line the pockets of some landlord.

The prices we are looking at are round about £120,000, we have a £15,000 deposit so would need £105,000, however we could get a bigger deposit together if needed?

herbiesjp

Affordability looks ok then.

However I suspect a bigger deposit would be needed due to the adverse credit.

Best plan would be to print off your credit files and discuss with a whole of market adviser.

Whatever you decide to do, don't let it impact of the good work you have started on clearing up your credit history.

kayleigh_c

Oh no, that is my aim to get my debt cleared asap, and everytime i get extra money (commision at work) it goes straight off the debt, so that wont subside at all. How do i get a credit file, is that from the likes of credit report websites im guessing - excuse my stupidity!!

beecher2

kayleigh_c wrote: »

Oh no, that is my aim to get my debt cleared asap, and everytime i get extra money (commision at work) it goes straight off the debt, so that wont subside at all. How do i get a credit file, is that from the likes of credit report websites im guessing - excuse my stupidity!!

http://www.moneysavingexpert.com/loans/credit-rating-credit-score