First time buyer recovering from debt

BlackBeltBanter

Im into the final year of my scottish trust deed after getting on top of trying to sort my debts out after burying head in sand. Im getting married in June and looking within the nxt year to possible buy for first time, im 30 yrs old, i dont know if i would even get a mortgage until my credit improves, my wife to be has lots of credit which i dont think is good either, she hasnt got any defaults or late payments but credit cards are high even though she pays them, im looking for any advice on this and best way to go about it all.

AnotherJoe

When you say "lots of credit" is that another way of saying "owe lots of money or credit card and other loans" ?

Pardon me for stating the obvious but get rid of spending, start saving, make a budget and stick to it.

Were you expecting a magic wand? Or what? Not trying to be awkward but from the lack of info you provide what sort of advice were you expecting?

Mahsroh

Without knowing specifics it sounds like you've a lot to do before you consider buying a home.

Firstly, the obvious thing is you'll need a 10% deposit. But if your other half has credit cards that are "high" I suggest this 10% deposit (if you have it) is used to help clear that first.

As AnotherJoe said, not really enough info to offer any significant advice, but first port of call needs to be to get existing debt sorted.

BlackBeltBanter

I am free of debt i pay £70 to a trust deed which is due up early nxt year, my missus is in debt to credit cards but she is coming into a lump sum of money which means she will possibly be paying off the credit cards instead of reaqlly paying the interest on it

AnotherJoe

"possibly"? Don't go thinking that you could use it for a deposit.

If you have, for example, £20k in the bank and £20k in credit card loans, the mortgage co doesn't think you have a £20k deposit.

It thinks you've got no deposit, since you've done the equivalent of borrow your 20k for the deposit from credit cards.

On the face of it sounds as if you aren't cut out to be buying a house just yet.

Thrugelmir

You may to wait a period of time i.e. 3 years before lenders will consider your application.