Mortgage Advice

Jane91

I'm currently earning £20800 pa, I've had a bad history with debt but that all clear on my credit file in July 2015.

I'm wanting my own place but I have no savings as yet and no idea how much I need to save.

Any advise would be great

ACG

Possibly 5% but it will depend on the details.

dimbo61

Hi Jane91 ! Only 23 ? and want to buy already?
where in the country do you live ? and how much does property costs in your local area!
You need to build a deposit or see if the Bank of Mum and Dad can help

Jane91

Hi Dimbo,
No I'm 41 nearly 42, it's just a number I git when I had my email address

Mum & dad ain't around anymore so I need to know what I'm looking at

Senior_Paper_Monitor

My reading of the OP post/signature is that DMP has just been paid off - so the impact will be around for some years to come and there is probably little 'good offsetting credit'.


If Dimbo's further detective work (or am I missing something) is correct then there is some considerable correction work to be done, but plenty of time to do it in.


Any talk of '5% deposit' is certainly premature at this stage - congratulations on taking the first step in clearing the DMP, but I'm afraid there may be several years planning and saving ahead before a mortgage is practical.

Senior_Paper_Monitor

Key question (originally from dimbo) - How much is a house/flat likely to cost in your area ?

ACG

If there are only defaults/CCJs on the credit file and they are over 3 years old which going off the date given could be possible then a 5% deposit is potentially achievable.

I agree in that there is not enough information to say for sure but I wouldnt rule it out at this stage.

Jane91

Properties in my area vary from 85-140 and I know 140 is definitely not in the running.

I've paid my DMP off a couple of years ago and all the defaults come off my credit file in July 2015.