Greetings! My name is DoctorLove and on this occasion I'm looking for your advice...

DoctorLove

Hi there,

So I have just joined this site after many a year sitting in the wings waiting to pounce and after quite a struggle I have finally rid myself of all of my debt!

I'm 39 (40 in April this year) and my confession is that in the last 15 years I have been an idiot with my money:

2005 - Declared bankrupt with debts of @ £25k and discharged in October of the same year.

Now I did briefly live within my means but a bout of depression after splitting from a long term girlfriend a few years later meant I started to drink, do drugs and gamble to the point where I was pretty much back to square one about 3 years ago.

I started to get my life back on track and contacted Step Change with whom I entered into a DMP which I finally paid off everything I owed.

2015 - No debt but my credit rating is trashed. My goal is to save £45k by the time I turn 45 (so about 60 months) which I know I can do so long as I don't slip back into bad habits. I intend to start a diary on this site shortly to help me in this regard... I currently have:

Near as damn it £1,200 saved in an ISA.

1x Direct debit with O2 - phone contract which has been in place since June 2014 with no payments missed.

1x Direct debit with the council - rent on my flat which has been in place since October 2014 with no payments missed.

1x Direct debit with council - council tax which has been in place since October 2014 with no payments missed.

I am on the electoral register and I have been with the same bank (Nationwide) since I entered my DMP (around Feb 2013).

So I want to start going about repairing my credit profile. I know the DD's and history I'm building with my bank as well as my savings will help but the ultimate goal is to either use the £45k as a 33% deposit on a house or just buy somewhere cheap outright to rent with the option of living there if I lose my job, etc.

What else can/should I be doing to improve my chances of getting a mortgage in 5 years time? By this point all defaults will no longer be visible on my credit file...

Cheers folks!

Thrugelmir

Open a Help to Buy ISA , every little bit helps.

ollylee

well said thrug. if you are a first time buyer then open the Help to Buy ISA. both you and your partner can open them and both take advantage, money for nothing really. can dig out details but it's all over the net, google away!

DoctorLove

Already done

What I'm trying to do is show that I've changed my wicked ways and have gone on the straight and narrow so in 5 years time the banks (or whoever will consider me) won't run a mile!