Debts and First-time mortgage

flying_stamp

Hi guys,

I'm hoping to get a mortgage as a first-time buyer.
I dont have the greatest financial past, or present, to be frank... However, I've been offered £55,000 from a family member who just wants to help me out. I dont feel great about that and my first reaction was not to accept it, but I think it may be my only chance to get on the prpoperty ladder and make some financial changes. I'd be looking at a property worth around £90,000. I make around £20,000 and have debts of just over £5,000.

I wonder if anyone has been in a similar position as myself or knows if this is realistic. Any advice would be welcome.

dimbo61

Well you need to get a copy of your credit report from the credit reference agencies ( 3) and check if you have CCJ, defaults, score.
Then go and see a " whole of market mortgage broker"
If you used £5K to clear your debts and put down £50K then you would only need to borrow 2X income to get the property

ViolaLass

Have you been offered the money with any conditions? Is it a gift or a loan?

flying_stamp

The money is intended as a gift, no repayment expected.....I can't possibly accept that and would like to set some form of repayment after clearing my debts. I couldn't ask that person for 5grand to clear my irresponsible debts, that really wouldn't be ok under the circumstances unfortunately. The same person has also offered to be a guarantor. Would this make a big difference to being offered a mortgage?

Never considered getting a credit check - I'll check it out, thanks. I read Martin's guide for first time buyers and will hopefully get to see a whole of the market broker soon. I just wondered if they would laugh at me and turn me away, I guess there's only one way to find out....fingers crossed.