are we just wasting our time?

boltonangel

hi

when we were 18 we bought our first house. unfortunately because of circumstances (credit card and personal loan debt) we sold it a few years later and paid some of the debts off. we went to live in work accomodation. due to illness the debts that we hadn't managed to pay of with our equity were unservicable and i went bankrupt.
as the debt was in my name only i needed to go bankrupt. i was discharged 5 months later in nov 09.

as we are living in work accomodation miles and miles from family we are looking to get a foot back on the property ladder again while prices are low as we don't want to be priced out of the market.

our circumstances are completely different now, i am able to work again and finally have a fair bit of disposable income.

i know that with my past mistakes it is unlikely that i can be named on the mortgage or my income taken into account, but is it e3ven worth trying or will my bad credit impact on my dh's.

the only credit we have ever had together is the mortgage 4-5 years ago which we never defaulted on.

i earn £16.5k, my partner earns £26k - both earn bonus but neither is guaranteed.
we also receive £200pm in dla if this can be counted i don't know.

we want to buy a property at £145k, but i have a feeling we are p*ssing in the wind with that!!!!!

thanks all.

Thrugelmir

Do you have a deposit saved?

boltonangel

yes, we have 10% saved, but from what i understand you have to be squeeky clean to get a 90% mortgage now.

Thrugelmir

I certainly wouldn't panic as house prices are very unlikely to increase rapidly in the short term. Time is a healer for you. So continiuing to build the deposit up will make it easier.

boltonangel

ok, thanks . i just feel like our life is on hold and nothing is stable at all.

Thrugelmir

boltonangel wrote: »

ok, thanks . i just feel like our life is on hold and nothing is stable at all.

Focus on building up the deposit. Use it as the motivation to look to the future. One day you will buy your own home.

The World has come through a period of financial turmoil that will rumble on for some time yet. So better to watch from the sidelines until the opportune moment arrives.

_Andy_

With your adverse and only 10% it won't be possible at the moment.
Save save save in the meantime and also remember that owning a property isn't the be-all and end-all.

redlady_1

I bought a house with 13% deposit and I can assure you the rates you see are not available for anyone with less than 15%. My interest rate is currently 7.29%!!! And I have a squeaky clean credit rating and no debt (or it will be deducted from what you are allowed to borrow). You will also be pushing the multiples. However, things are changing all the time and I bought 6 months ago now.

It depends on how much you really want this and how much you are prepared to give up to make it happen. Personally I would keep saving at the moment.

FraudBuster

i needed to go bankrupt. i was discharged 5 months later in nov 09

Lenders are desperate to lend to recently discharged bankrupts.


:)

boltonangel

FraudBuster wrote: »

Lenders are desperate to lend to recently discharged bankrupts.


:)

thanks for that helpful comment. really useful that.

loopy-juice

FraudBuster wrote: »

Lenders are desperate to lend to recently discharged bankrupts.


:)

I laughed..................