Can Anyone Advise - Is This Possible?

deb5376

Thanks for reading.
I have the possibility of purchasing my grandparents home valued at £ 150 k for £ 50 k. My grandparents would continue to live in it with me paying the mortgage as a way of getting on the property ladder.
I have over the last two years for various reasons created a poor credit rating throu late payments, payments arrangments and searchs for loans.Have in the recent passed been contacted by debt managment companies but have declined. Unable to get a loan or any credit. I currently have £ 13k in debt, one loan, one credit card. The loan is new and no payments missed, the credit card i am on an agreed repayment scheme with interst held and have been on time with last 6 months payments.

Would I be able to obtain a mortgage for £ 63 k to pay my grandparents and the credit card and loan. Leaving just one financial commitment a month.

I currently live with family and rent and outgoings are at a minimum.
I take home £ 1450 a month - current commitmens (minus credit card and loan) £ 500. Loan £ 180, credit card £ 150.

Thanks for any advice, opinion

swebber

Hi there,

My best advice would be to find a mortgage advisor in your area that can take a look at the figures for you. I don't know the technical name, but mine takes commision on any product I buy, so doesn't charge me anything.
See if you can find one like that and be completely upfront about your debts etc and see what they advise.

Only my personal opinion, someone else can perhaps provide number crunching help.

AndyWallace

deb5376 wrote:

Thanks for reading.
I have the possibility of purchasing my grandparents home valued at £ 150 k for £ 50 k. My grandparents would continue to live in it with me paying the mortgage as a way of getting on the property ladder.
I have over the last two years for various reasons created a poor credit rating throu late payments, payments arrangments and searchs for loans.Have in the recent passed been contacted by debt managment companies but have declined. Unable to get a loan or any credit. I currently have £ 13k in debt, one loan, one credit card. The loan is new and no payments missed, the credit card i am on an agreed repayment scheme with interst held and have been on time with last 6 months payments.

Would I be able to obtain a mortgage for £ 63 k to pay my grandparents and the credit card and loan. Leaving just one financial commitment a month.

I currently live with family and rent and outgoings are at a minimum.
I take home £ 1450 a month - current commitmens (minus credit card and loan) £ 500. Loan £ 180, credit card £ 150.

Thanks for any advice, opinion

easy enough to do providing you intend to lived in it. see a broker.