Mortgage wanted for 40 ish divorcee contractor

Peap_2

Hi, my partner and I are splitting up. He is buying me out of the house & my name is coming off mortgage.
I have credit card debts of about 18k, but all up to date/no defaults. They are in my name, not joint or his name, although we had joint mortgage and bank account., he v.good with money, i rubbish. he got sole mortgage but I'm worried I won't get one.
I will have approx 20k left after clearing debts. I was perm employed until 8 months ago and have been contracting on approx 45k pa
I want to get my own place but guess my credit score will be bad with having 3 x c/cards totalling 18k.
No idea where to start re mortgage or even if I have any chance at all. Thinking purchase price of 120k max. Any advice/pointers welcome please. I don't know where to start.

bigadaj

If you are paying your debts on time then the debt levels won't be a problem in and of themselves. You say you will come out with 20k, presumably this is net of everything apart from the credit card debt?

There would be two approaches, one would be to wipe your current debts with th equity and then start saving hard. The other is to try and move the current debt onto low or zero rate cards and maintain your equity as a deposit.

The problem you have is short time in current role, and so will struggle for a kortgage without two years, this may be beneficial as leaves time to clear debts and/ or save deposit.

Get your credit files but ignore the scores, just look for any problems or issues. You'll probably need a broker and might be worth waiting a year and a bit and all may well be fine.

Peap_2

Thanks for that - the 20k will be after the debts are cleared. So plan maybe to get debt free, save a lot and hopefully keep employed!!
Thanks