100% mortgages?

jayneandglenn

Hi,

Can anyone offer some advice please?

me and my husband currently rent and have a joint income of £39,500 before tax and would love to buy the house we are currently renting which is worth £120,000.

I went bankrupt 3 years ago and was discharged 6 months later. My husband went a bit daft in his younger years and is currently paying off his debts via payplan so our credit rating is not great.

We have no savings so are unable to offer a deposit.

We are both in secure employment, have outgoings of approx £1000 per month and we know we could afford a mortgage.

Can anyone help?

thank you

Senior_Paper_Monitor

Not a chance !!

Incidentally - pay careful attention to what Payplan are doing to your husband's debt management process (I have yet to examine a client's records where Payplan have acted or are acting responsibly - an appalling operation)

ACG

you need a guarentor (has to be a parent or grandparent) who has i think 30% of YOUR purchase price in equity, savings etc available. It also depends on how much your partners repayments are.

There is 1 company i know of that MIGHT be able to help. They only work with advisors though, so you need to get in touch with one close to you. Short of that you need to start saving a 10% deposit if nto more.

Thrugelmir

jayneandglenn wrote: »

We are both in secure employment, have outgoings of approx £1000 per month and we know we could afford a mortgage.

Can anyone help?

thank you

Then start by clearing the debts quicker. As until you do, the defaults on the credit record will impact what's available to you.

You need to demonstrate that you have learnt from your previous errors.

BoGoF

The fact you are using Payplan would suggest you are paying reduced monthly payments to your creditors? Therefore, under normal circumstances, your actual outgoings would be more than £1000? Could you afford a mortgage if you were paying what you should have been...........just a thought.

chopper78

Senior_Paper_Monitor wrote: »

Not a chance !!

Oh that's not fair, there are two chances.

Slim chance, and Fat chance.

There are no 100% mortgages. Clear all the debts, then start saving for a 10% deposit.