Potential First Time Buyers

Grippa

I need some advice.

We are potential first time buyers of my parent's house. It is valued at £260k. They only want us to pay £160k for it.

Now, the problem is some adverse credit history. We have never had CCJs or been declared bankrupt, but both my wife and have some missed payments, and maybe a default, still on our files. I am also in a debt management plan, although only with a few months left until I'm clear. More recently my credit file should look pretty good. My wife's, maybe not so good.

I earn £39k p/a, and my wife about £12k p/a self employed.

With the new Help To Buy scheme, do we have any chance of getting a mortgage? I know that in the past we haven't had much success.

Thanks in advance for your help.

ACG

A dmp is pretty much as bad as it gets (not quite as bad as bankruptcy but far worse than a default/CCJ).

You need to get a DMP cleared in full. You will also need a lender that will do family gifted deposits... There may be the odd lender who will consider this but without doubt you will need a broker as this will be extremely difficult to place even once the DMP is cleared in full.

I would suggest you get all 3 credit reports to start with and take them to a good broker (not one in an estate agent - and probably not a fee free one).