We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Advice for the future pls!
iwanttobreakfree
Posts: 371 Forumite
Hi Everyone
Myself and my partner are wanting to get our own house (buying) and I was just wondering if any of you lovely peeps could give me a bit of advice.
We both have a fair amount of debt so obviously our first plan is to reduce this as much as possible and then save as big a deposit as we can.
Is it true that in the current climate we'd be looking at around 15%??
Also we have a rather shall we say tarnished credit history - obviously we intend to make a plan to improve this by paying off debts, paying bills on time etc etc.
I was just wondering - I know the history is on your file for 6 years but at what point would a lender consider you'd made improvements and consider approving you a mortgage rather than declining it due to failed credit check?
If you had significantly improved in say 12-18 months would they be likely to approve or are we talking the full 6 years until the stuff is off your file?
Any help with this much appreciated!
Myself and my partner are wanting to get our own house (buying) and I was just wondering if any of you lovely peeps could give me a bit of advice.
We both have a fair amount of debt so obviously our first plan is to reduce this as much as possible and then save as big a deposit as we can.
Is it true that in the current climate we'd be looking at around 15%??
Also we have a rather shall we say tarnished credit history - obviously we intend to make a plan to improve this by paying off debts, paying bills on time etc etc.
I was just wondering - I know the history is on your file for 6 years but at what point would a lender consider you'd made improvements and consider approving you a mortgage rather than declining it due to failed credit check?
If you had significantly improved in say 12-18 months would they be likely to approve or are we talking the full 6 years until the stuff is off your file?
Any help with this much appreciated!
Proud to be dealing with my debts!DFW Nerd No. 634 LBM: 3rd time - Dec2008 I NEED TO BEAT IT THIS TIME!
Total Loan Debt = £[strike]13,737.80[/strike] 13,042.44, Total Non-loan Debt = £[strike]5,289.33[/strike] 4,704.45 - Total= [strike]19,027.13[/strike] 17,746.89 FEB 09
Freelance earnings - Feb 09 = £260 so far Make £30 a day in Feb - £260.40 of £840 5 NSD in Feb 09 - 1 of 5
0
Comments
-
my partner and i somehow scraped together 15% but got much better rates with 18.5% the more the better! you can get a mortgage for less at the moment but you'll be repaying more xx0
-
iwanttobreakfree wrote: »
If you had significantly improved in say 12-18 months would they be likely to approve or are we talking the full 6 years until the stuff is off your file?
It depends on how bad your record is and how much deposit you will have. From the tone of your post, I would expect that you would have great difficulty finding anyone willing to lend to you after only 18 months.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
It depends on how bad your record is and how much deposit you will have. From the tone of your post, I would expect that you would have great difficulty finding anyone willing to lend to you after only 18 months.
right so we would be looking at much, much longer then? we've never had ccjs or anything like that but arrears are the problem really - stupid stupid mistakes that you end up really paying for later
Proud to be dealing with my debts!DFW Nerd No. 634 LBM: 3rd time - Dec2008 I NEED TO BEAT IT THIS TIME!Total Loan Debt = £[strike]13,737.80[/strike] 13,042.44, Total Non-loan Debt = £[strike]5,289.33[/strike] 4,704.45 - Total= [strike]19,027.13[/strike] 17,746.89 FEB 09Freelance earnings - Feb 09 = £260 so far Make £30 a day in Feb - £260.40 of £840 5 NSD in Feb 09 - 1 of 50 -
iwanttobreakfree wrote: »right so we would be looking at much, much longer then? we've never had ccjs or anything like that but arrears are the problem really - stupid stupid mistakes that you end up really paying for later
Nose to the grindstone for a while. I would suggest you approach a mtg broker onece you have saved up a good deposit.
BTW, you do realise that it it better to pay-off expensive debts before you consider saving????In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
oh yeah totally get that - will be paying the debts off first definitely!Proud to be dealing with my debts!DFW Nerd No. 634 LBM: 3rd time - Dec2008 I NEED TO BEAT IT THIS TIME!Total Loan Debt = £[strike]13,737.80[/strike] 13,042.44, Total Non-loan Debt = £[strike]5,289.33[/strike] 4,704.45 - Total= [strike]19,027.13[/strike] 17,746.89 FEB 09Freelance earnings - Feb 09 = £260 so far Make £30 a day in Feb - £260.40 of £840 5 NSD in Feb 09 - 1 of 50
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards