Will we ever be accepted for a mortgage?

Lois2

Hi

Im pretty clueless about Mortgages and would like some advice.

in a few months my partner and i will be moving in to a property owned by my parents. The propery is worth around £140k

and we would like to get a mortgage for £100k to buy it from them (the additional £40 that that property is worth would be a "gifted" deposit)

However.. Between us we have a CCJ from Jan this year which has been "Satisfied" and we both have a couple of defaults on out credit rating which we are in the pricess of paying off and have payment plans set up withthem all.

All in all we owe approx £6k

We would be hoping to get a mortgage in 6 - 12 months when some of the debt would be paid off. (as much as poss)

do you think we are dreaming that we would get a mortgage with our poor track record credit scores?

I have had my Lightbulb moment and trying to pay off things as fast as poss.

_Andy_

How much was the CCJ registered for?

Lois2

£400 all paid and settled now

Thrugelmir

Clear your debts before purchasing the property. The additional time will allow your credit rating time to start to rebuild.

With the gifted deposit the lender will have adequate security for the loan .

You just need to demonstrate that you can manage your personal finances in a proper manner.

The concern for any lender is reoffending. Something which unfortunately happens over and over again. As its in peoples nature.

Lois2

Thanks. Only problem being my parents are going to want the £100k for a new project ASAP we said we would try in 6-12 months

kidcat

If your parents are going to want their money quickly it would probably be better for them to sell the property and give you the £40k gift for a deposit which you can lock into a savings account to gain interest while you are clearing your debts and cleaning up your credit file.

Lois2

Yes that would make sense. However we really love this house and realllly want it! :-)
would we have no chance at getting a mortgage?

Thrugelmir

Lois2 wrote: »

Thanks. Only problem being my parents are going to want the £100k for a new project ASAP we said we would try in 6-12 months

Convince them otherwise.