Help

Brightspark87

Good morning all

I am likely to received in c18 months a large inheritance of c£275,000. I am looking at buying a house in london at this time for c£400,000. Therefore I would need a mortgage of around £145,000. I earn £35,000 and my soon to be husband £26,500.

However, we have debts - currently £17,500 but reducing this all the time. paid off over £2k this year already.

I also have a default or two.

What are my options regarding the mortgage? Will it be possible?

Mortgage_Mark_2

At that loan to value, almost certainly unless you're actually currently bankrupt.

Speak with a broker and get a copy of your credit report, and let them do the leg work for you.

Brightspark87

Thanks in the meantime I guess the best I could do is to pay off debt - I am up to date with all payments currently - and try and start saving?

thanks for your help

GMS

When were the defaults and for how much? Are you planning to satisfy them?

Brightspark87

I have paid them off. I am now just paying off debt at more than the minimums and trying to reduce spending to pay off as quickly as possible.

lee111s

Yep, pay off your debts while you wait for the interitence to come through.