We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!

Will I ever own a home

Options
Hi Guys,
I am in the process of sorting out my debts (a total of around £20k unsecured debt). I have a terrible credit history, I would never get a mortgage as it stands now having had a house repossessed 5 years ago. Is there any hope for me getting my own home? I will have around £20k for a deposit in the next few months.
Thanks
Bex

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    Hi Bex. It will be very difficult to get a mortgage whilst you still owe £20k to debts you are in arrears.
    What is the current state of your credit file? how many defaults do you have on your file and how old are they?

    Does depend on what is on your credit file currently but it would probably be advisable to use your savings to pay off your debts and then start saving again. By the time you have saved a deposit your credit file might have improved enough to get a mortgage.

    As you are in arrears with your debts then you may find that you can offer reduced F&F settlements to your creditors and so clear the £20k worth of debt for less than the £20k that you will have.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.