bad credit history and little or no deposit

tidydan24

Hi

Sorry if this is in the wrong forum or has been asked before but I would like some advice.
I currently pay £900 for my rent and have never missed a payment. I do have quite a bit of debt around 18,000 between me and my wife and am currently on a debt management plan with cccs.
The thing that annoys me is that I pay my rent without fail and now my debts are in a managable state I pay all of those as well but because I have poor credit and I dont have a spare £30,000 for a deposit, I cant buy. It just seems to me that I will never be able to buy a house of my own.
I know I have been in debt trouble but I had good reason for a large portion of this.
Any help and advice would be greatly appreciated but please dont have a go at me for being in debt and wanting a mortgage because I know, just would be nice.
Thanks

suicidebob

Can't you downsize to paying closer to £500 per month rent, and put the difference towards a deposit?

tidydan24

definately not I have two children and live in bournemouth. the only thing you would get around here for 500 would be a studio flat or next door to a crack den

DannyboyMidlands

Unfortunately there aren't any short cuts, you just need to pay off the debts and save enough deposit that you look like a decent risk for the mortgage lender. At least house prices are no longer soaring out of reach!

suicidebob

tidydan24 wrote: »

definately not I have two children and live in bournemouth. the only thing you would get around here for 500 would be a studio flat or next door to a crack den

Thought it was just you and your wife in the house

tidydan24

DannyboyMidlands wrote: »

Unfortunately there aren't any short cuts, you just need to pay off the debts and save enough deposit that you look like a decent risk for the mortgage lender. At least house prices are no longer soaring out of reach!

Thought someone might say that, but pretty sure by the time I pay off all my debts and save enough for a deposit I will be retiring and house prices will be higher than ever.
Never mind looks like I will just have to keep giving away £900 every month and not have anything of my own at the end

ILW

Chances are that deposits will get smaller, but you do need to clear the debt.

hcb42

sell what you dont need and review the budget for non essentials to get rid of the £18K...

Once that's done you can start on the deposit - anything's possible from reading some people's stories on these boards

superbabe612

I sympathise with your situation, I've rented for the past 10 years during which I declared bankruptcy. I was a single mum to 2 young children and refused to rent a cheaper property in a disreputable area because I didn't want us to feel unsafe or have them grow up with the 'wrong crowd'. I applied for council housing but only bid on properties in my chosen area, and even when I was served a section 21 and was within 30 days of being homeless, I preferred to rent privately than forgo my principles and my family's safety. (Having said that, I did move to a smaller rented house that has been somewhat cramped, half of our stuff has been in storage for the past 2 years with parents!) I've been on the housing list for 4 years and am still waiting to be eligible for a property in my hometown!

My advice would be to pay your debts off, clear up your credit file and gradually get back into 'good debt' (utilities, mobile phone, bank, pre-paid/bad credit credit card). When your debts are paid off you'll have the opportunity to save for a deposit and yes, it may take time, but ultimately it will be worth it.

And yes, whilever you are renting, you won't own a property but there's plenty of people in negative equity who can't sell at a price high enough to clear their mortgage, who may wish they'd have rented instead.

geoffky

superbabe612 wrote: »

I sympathise with your situation, I've rented for the past 10 years during which I declared bankruptcy. I was a single mum to 2 young children and refused to rent a cheaper property in a disreputable area because I didn't want us to feel unsafe or have them grow up with the 'wrong crowd'. I applied for council housing but only bid on properties in my chosen area, and even when I was served a section 21 and was within 30 days of being homeless, I preferred to rent privately than forgo my principles and my family's safety. (Having said that, I did move to a smaller rented house that has been somewhat cramped, half of our stuff has been in storage for the past 2 years with parents!) I've been on the housing list for 4 years and am still waiting to be eligible for a property in my hometown!

My advice would be to pay your debts off, clear up your credit file and gradually get back into 'good debt' (utilities, mobile phone, bank, pre-paid/bad credit credit card). When your debts are paid off you'll have the opportunity to save for a deposit and yes, it may take time, but ultimately it will be worth it.

And yes, whilever you are renting, you won't own a property but there's plenty of people in negative equity who can't sell at a price high enough to clear their mortgage, who may wish they'd have rented instead.

What drugs are you on? why oh why are your kids and you in danger if you rent council property....you really are a mrs bucket...get off your cloud and come into the real world..some of the biggest scoundrels live in private houses and some of the nicest people you can meet live in council houses... and the other way round....you have come across as someone who tried to keep up with the jones but could not and can not afford it...

tidydan24

geoffky wrote: »

What drugs are you on? why oh why are your kids and you in danger if you rent council property....you really are a mrs bucket...get off your cloud and come into the real world..some of the biggest scoundrels live in private houses and some of the nicest people you can meet live in council houses... and the other way round....you have come across as someone who tried to keep up with the jones but could not and can not afford it...

I think you need to read this ladies post a little better. she did not say all council houses are in bad areas ull of bad people. And if you think that they are all wonderful safe places then YOU are living on a cloud. Igrew up in a reasonably safe council flat but just five mins away from me was a horrendous council estate. If that lady does not want to bring her children up in a place like that then why the hell shouldnt she be able to say so. Nowif you have nothing constructive to say then take your ridiculous and rude comments somewhere else.