First time confused buyer!

coley650

Hi, me and my wife are planning to buy a house in 7-12 months. She has good credit with only a credit card and her car on finance. I on the other hand have poor credit due to 3 defaults now being paid on a dmp totalling £4000 when I ran into difficulty 3yrs ago.

We're considering changing her car to a more suitable one so we can sell our other car to cover the £4000. I'm worried this could affect her credit though as it will be a new agreement I assume.

When we come to buy we may be having my grandma live with us as she is due to retire and she's considering gifting us £60,000 towards a deposit.

I want to get rid of this £4000 asap as I think these accounts will be better settled and I can come off the dmp (which I think was a mistake). I'm new to all this and wondered if we're broaching this right or if anyone had some advise. I also don't want to ask my family to borrow it.

Thanks in advance

csgohan4

you will need a broker who deals in adverse credit, a lot of lenders don't like gifted deposits where the gifter is also going to live with you thereby having a vested interest in the property, they may want her to be on the mortgage/deeds too.

coley650

Thanks. When would you recommend getting a broker given we're thinking 7-12 months?