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First time buyer bad credit
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afcrushden
Posts: 2 Newbie
Good evening,
we are hoping for some advise please, we have been looking at new homes, as at the moment we live at my parents home.
Myself and my wife are looking for our first home, we have applied for the time to buy scheme and to my surprise we have been accept on this for the full 20%. We have been looking at houses around the £120,000 list price. But understand that with the time to buy we can defer the 20%, we would also be willing to put down a deposit of £15,000. I have a full-time job that pays £25,000 and year and my wife has a full time job that pays £15,000 a year.
The issues that we have is with my past, i am currently in an IVA. Although I understand that this has a impact on my credit profile, i have seen that some brokers say that they can still get mortgage for people in IVA albeit at a higher rate of interest. So my first question is that would my background make getting a mortgage impossible?
My wife is a Thai national but she has been in the UK since 2010, she has a full time job, UK bank account and NI number. She has been able to get a mobile contract and things like this. So we are wondering if she would be able to apply in her name, although she is not a UK citizen, but does have a full settlement visa. Then if any of my income would be take or could be used as support so to speak.
The other option that we have is to rent, but again what implications would my past on us been able to rent? As again i believe that most letting agencys run credit checks, so again this looks like a problem. So it seems that we are stuck at the moment with living at home. So we are trying to find the best way that would allow us to get a place of our own.
I understand that our situation is quite complex, but welcome any advice that anybody can give.
Thank you for your help.
we are hoping for some advise please, we have been looking at new homes, as at the moment we live at my parents home.
Myself and my wife are looking for our first home, we have applied for the time to buy scheme and to my surprise we have been accept on this for the full 20%. We have been looking at houses around the £120,000 list price. But understand that with the time to buy we can defer the 20%, we would also be willing to put down a deposit of £15,000. I have a full-time job that pays £25,000 and year and my wife has a full time job that pays £15,000 a year.
The issues that we have is with my past, i am currently in an IVA. Although I understand that this has a impact on my credit profile, i have seen that some brokers say that they can still get mortgage for people in IVA albeit at a higher rate of interest. So my first question is that would my background make getting a mortgage impossible?
My wife is a Thai national but she has been in the UK since 2010, she has a full time job, UK bank account and NI number. She has been able to get a mobile contract and things like this. So we are wondering if she would be able to apply in her name, although she is not a UK citizen, but does have a full settlement visa. Then if any of my income would be take or could be used as support so to speak.
The other option that we have is to rent, but again what implications would my past on us been able to rent? As again i believe that most letting agencys run credit checks, so again this looks like a problem. So it seems that we are stuck at the moment with living at home. So we are trying to find the best way that would allow us to get a place of our own.
I understand that our situation is quite complex, but welcome any advice that anybody can give.
Thank you for your help.
0
Comments
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What's the source of the deposit?0
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The deposit is made up of my wife's savings from overseas and gift from parents. Any extra income we have each month allowed under the terms of the IVa we have been saving also, as i have been working a lot of overtime the past few months.0
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