First Moregage and current debt advice

D1on

I'm 22 years old, Had 2 credit card smallish debts hanging over me for a while, quite a lot of missed payments, and a mobile phone contract debt, the phone contract wasn't paid due to a scam of me getting a £1000 bill in one month,
Anyway these debts after around 8 months of no payment have just been paid off in full.

In the near future im going to be buying a house with my girlfriend of the value of around £140,000.

I have a £100,000 in savings, So this could be used as a deposit, is their much chance of me being able to get this mortgage?...

Also am I best putting such a big deposit down on the property?...

Any advice would be great!

Thanks in advance

Cypherite

£100,000 in savings yet bills went unpaid? Have you only just come in to the money?

The important thing is how much you earn each month as they'll use that figure to determine whether you can afford a 40k mortgage.

Does the 100k wipe you clean? Remember to factor in other charges such as solicitors, stamp duty and money for 'rainy day'.

HappyMJ

D1on wrote: »

I'm 22 years old, Had 2 credit card smallish debts hanging over me for a while, quite a lot of missed payments, and a mobile phone contract debt, the phone contract wasn't paid due to a scam of me getting a £1000 bill in one month,
Anyway these debts after around 8 months of no payment have just been paid off in full.

In the near future im going to be buying a house with my girlfriend of the value of around £140,000.

I have a £100,000 in savings, So this could be used as a deposit, is their much chance of me being able to get this mortgage?...

Also am I best putting such a big deposit down on the property?...

Any advice would be great!

Thanks in advance

You'll need to sort out the defaults on the credit cards before you even think about applying for a mortgage. Yes you'll get a mortgage anyway but the interest rate will be much higher than you should be paying. If the defaults can be attributed to fraud (or scam if it's a genuine scam) then the banks can remove the defaults from your credit record.

Thrugelmir

D1on wrote: »

I have a £100,000 in savings, So this could be used as a deposit, is their much chance of me being able to get this mortgage?...

Do you expect to be taken seriously?

D1on

Thrugelmir wrote: »

Do you expect to be taken seriously?

How do you mean?
and yes the money was an inheritance...

JustinR1979

Do you and the girlfriend work....?

D1on

in full time employment and combined we get around 24k a year

JustinR1979

After every bill is paid, living expense deducted, how much money do you guys have spare to pay a mortgage?