We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Would this be possible...
TakingControl
Posts: 372 Forumite
Hello,
after years on a DMP and finally being debt free end of 2012, I started saving for a house deposit. Sadly my job was made redundant so not only saving stopped but I also had to use some of my savings whilst job hunting and buying a cheap car (previously had a company car).
I started a new job September last year and have started saving again however time is starting to tick for me to get onto the property ladder.
So I researched a bit and I was looking at the potential of making use of the Help to buy mortgage garantuee scheme as from what I understand its not a shared ownership or repayment of a goverment loan like the other schemes.
Credit file at moment:
2 defaults - both from March 2010, both repaid in full and settled 2011 and 2012
AP marker on an old barclaycard - repaid in full 2012
AP marker on a MBNA card, never defaulted - partial settlement in 2012
I have since got 3 main stream credit cards (LLoyds, RBS and Barclaycard). I use them for business travel and some personal spending but always pay back in full at end of the month.
No missed payments or any other adverse credit apart from the above, no outstanding debt.
I earn 52000K p.a. and have a 5% deposit and fees/costs saved. As the market is picking up and I am turning 42 this year, I really need to get onto the property ladder, hence looking at the possibility of this scheme or even potentially a 95% mortgage.
What do you think my chances are with either? I need to point out that I am not a FTB, I used to have a mortgage with my ex. I got taken off this, there was no equity in the house but was always 100% paid on time.
Thank you for your time.
after years on a DMP and finally being debt free end of 2012, I started saving for a house deposit. Sadly my job was made redundant so not only saving stopped but I also had to use some of my savings whilst job hunting and buying a cheap car (previously had a company car).
I started a new job September last year and have started saving again however time is starting to tick for me to get onto the property ladder.
So I researched a bit and I was looking at the potential of making use of the Help to buy mortgage garantuee scheme as from what I understand its not a shared ownership or repayment of a goverment loan like the other schemes.
Credit file at moment:
2 defaults - both from March 2010, both repaid in full and settled 2011 and 2012
AP marker on an old barclaycard - repaid in full 2012
AP marker on a MBNA card, never defaulted - partial settlement in 2012
I have since got 3 main stream credit cards (LLoyds, RBS and Barclaycard). I use them for business travel and some personal spending but always pay back in full at end of the month.
No missed payments or any other adverse credit apart from the above, no outstanding debt.
I earn 52000K p.a. and have a 5% deposit and fees/costs saved. As the market is picking up and I am turning 42 this year, I really need to get onto the property ladder, hence looking at the possibility of this scheme or even potentially a 95% mortgage.
What do you think my chances are with either? I need to point out that I am not a FTB, I used to have a mortgage with my ex. I got taken off this, there was no equity in the house but was always 100% paid on time.
Thank you for your time.
LBM 11/2009 Total Debts 11/2009 £44624 with DFD 2015 
Debt Free Date: 14/11/2012 :j:j:j
Debt Free Date: 14/11/2012 :j:j:j
0
Comments
-
The DMP causes major issues.
One for a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you even though its finished in November 2012? I was hoping that with the time lapsed since and having been able to get main stream credit cards my credit file has recovered enough to look at this?LBM 11/2009 Total Debts 11/2009 £44624 with DFD 2015
Debt Free Date: 14/11/2012 :j:j:j0 -
This less than 2 years and the damage to your credit file is likely to be of a similar age.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards