Debts / Changes of getting a mortgage?

Ant07

Hi,

I have debts amounting to £37,050 - which I pay off monthly, agreed payments amount to £200 per month. I pay them regularly.

I am seeking work, and I know its early days to ask but, what are my chances of getting any form of mortgage or rent with a bad credit rating? Pretty slim to none, I imagine.

I am living with family now but would really like to move out. I just wanted some advice. Does it make a difference if you bring the debt down to an x amount?

I was looking at the housing option scheme - part buy / rent. Do they make it a little more easier for people like me?

Sorry lots of questions, if you can advise in any way I would really appreciate it.

Thank you so much

redlady_1

If you want to move out why do you have to buy somewhere? By the way, any debt is reduced from the amount of the mortgage - four fold! Debt and mortgages just dont go these days. Not to mention not working. So I would say there is no chance of getting a mortgage.

Tixy

From what you have posted it sounds like you would have little chance of getting a mortgage right now.

It may be possible to rent somewhere - what is your credit file like? have your creditors issued defaults against you? have any marked you as an 'arrangement to pay'. Most lettings agencies will do a credit check before letting your rent somewhere, so you need to know what your credit files show.

If you credit rating is fairly poor then you may be asked to provide 6months rent up front or maybe asked if you have a family member who will act as a guarantor for your rent. Have you worked out whether you can afford to rent anywhere? usually its much more expensive to rent somewhere than to live with family, if you can only currently afford £200 to your debts then if your outgoings increase your debt repayments would likely need to reduce.

Another option perhaps, if your really don't want to stay living at home would be to consider house shares / renting a room etc.

FOURCANDLES_2

knuckle down and get these debts down then concentrate on other things after all how old are you ? can you try and put away some for a mortgage pot ? I live in ha house luckily a nice one in a village, well in fact the only one, but I am able to save for a mortgage pot and over 5 years it is getting very healthy another 4y and I will need to only borrow just under half the value of the property I want . I would also add my father bought his first house at 53 half the value on mortgage so you have plenty of time yet, the tortoise and the hare remember.Just set your mind on it.