Would I be able to get a mortgage?

peaches2_2

:)ANY generalised advice would be great as I know NOTHING about mortgages.

This is my first step to even contemplating getting one. The scenario is me and my boyfriend would apply for a joint mortgage on the shared ownership scheme. Together we could based on our salaries obtain £50k. We would apply in two years as we both have personal loans that end in 2014 and would like those out the way.

However I don't know if I would actually get one as for about 5 years we have both been living in our overdrafts although they get paid off every payday. We are now both out and have been for a few months. Would this be a major issue or would it be ok if we weren't to be overdrawn in the next couple of years.

Whilst repaying my loan I made two late payments and two rent payments (neither of these were my fault but I assume lenders don't care about that and they were paid, just late)

So I don't have the best money control history and nor does my partner.

Any advice would be appreciated, please bear in mind I'm only 22 and don't know much about the financial world so speak slowly

DVardysShadow

Living in your overdraft is not ideal, but the damage it does is probably less than the other issues. Roughly in increasing order of bad effect, here are some financial issues you need to avoid.

• Living in your overdraft
• Credit card not settled in full each month
• HP and loans
• Catalogues
• Credit cards maxed out
• Credit card running at 6 months salary
• Minimum payment only to all credit cards
• Debt Management Plan
• Defaults
• Uncleared Defaults
• IVA
• Discharged bankruptcy
• Recorded County Court Judgements [CCJ's are not recorded if they are paid off in 28 or 30 days
• Recorded CCJ's which remain unsettled
• Undischarged Bankruptcy

Thrugelmir

peaches2 wrote: »

So I don't have the best money control history and nor does my partner.

House purchase is a serious long term financial commitment. So in checking your credit score lenders will evaluate your suitability for a 25 year loan.

A good way to start is record what you spend your money on. Often comes as a shock when it gets added up.

Cut back, buy a cheaper product. The pennies will save you £'s.