Is it worth trying?

Mortgage_wannabe_2

My Oh and I are currently renting a 3 bed semi for £495pm. Our income has risen considerably in the last few years and I am beginning to think we could afford to buy.

My OH earned £37k (before tax) last year and is set to earn around the same this year. I earn £13.5k (before tax) a year.

I don't have a gleaming credit history. In 2007 I had a voluntary reposession (I think that what they call it, my ex & I gave our house back to the bank before it was reposessed). I haven't had much credit since then other than my mobile contract which is paid every month. I don't do CC's or OD's as I got in a mess many moons ago and swore never to go there again.

OH doesn't do CC's or OD's either, and he hasn't had any credit for a long while.

I know we would need to save a deposit, we could manage to save £10k in 12-18 months if we put our minds to it. Houses round here go for between £80k - £100k.

Is it worth looking into getting a mortgage? Or should I just resign myself to the fact that we will have to rent forever? (bar if we won the lotto!)

Nins12345

If I were you start saving for your deposit and get ur self a credit card I had a capital one with a massive interest rate of around 30% I only spent around £100 a month on it for just like food shopping and then paid the whole lot off every month this will build your credit really quickly can't advise you on the repo tho sorry

ACG

If you r looking at 12 months down the line, i would get a credit card each.
Show you can be responsible with credit and by the time the 12 months has come you will be in a better position.

Its not impossible and without knowing more about the debts it will be difficult to say whether 10% would be enough or not. I think you may need to get closer to the 15% but there is a member on here called Dave ham - he might be better placed to answer.

Wh05apk

At 90% lenders are very picky, and I think the chance of getting a mortgage with a repossession will be slim to none, probably the only way would be to get in oh's sole name, however then there would be an issue with the deposit coming partly from you.

As has been said, get yourselves a credit card, use monthly and ensure repaid in full every month to build your credit rating, this would definitely be a case for a broker, as most lenders will decline outright, the case needs to be presented to the most suitable lender - not the cheapest!