Too Old?

borgman

Hi
I'm 50 yrs old, living in rented with partner paying £995 per month rent between us. She is 42 earns 23k but has a step-change agreement in place due to a debt left in her name by her ex husband. It ends in about 3 yrs time when its all paid off (approx 3k) I earn 35k no issues with my history, had 2 mortgages before but not any longer. I have around 5k on interest free barclays card currently paying that down before moving whats left to another interest free card.

Just wondering broadly speaking what our best plan might be? Fed up of paying someone else's mortgage off each month!
thanks

Let_Us_See

borgman wrote: »

Just wondering broadly speaking what our best plan might be? Fed up of paying someone else's mortgage off each month! thanks

Probably too many issues to address on this forum, but your best bet is to talk to a broker who will cover all issues.

Thrugelmir

Focus on clearing the DMP quicker. Settling it won't be the end of the matter. The impact will linger on for afterwards.

Then take your overall indebtedness.

Choice is yours as to what's the real priority in your life. Hard work is what makes dreams come true for most people.

kingstreet

I've just run a quick affordability calculation and you could borrow £172,000 over 17 years on your salary.

With that card debt, interest-free or otherwise, your borrowing power falls to £142,000.

LUS is correct. A meeting with an independent broker would be helpful to you.

InsideInsurance

£8k of debt and so presumably no savings?

How many years before you've paid off the debt and saved up for your deposit, fees etc?

borgman

thanks for replies so far..

I have 20k in savings,

Thrugelmir

borgman wrote: »

thanks for replies so far..

I have 20k in savings,

Why the DMP then?

Akin to shooting oneself in the foot.

Lenders fully are aware that people use DMP's as interest free loans.

Senior_Paper_Monitor

The OP doesn't have the DMP - he has the savings.


The partner has the DMP.


I'll go with LuS #2 and Kingstreet #4 ( - a situation which should involve a medium/long term plan with the aid of an adviser)

stator

It shouldn't be impossible for you to get a mortgage. It will obviously have to be a relatively short term mortgage though, so you need to get your affairs in order, live modestly and make sure you have no negative credit history until you apply for the mortgage.