Debt free, now what? :)

robbieengland

Hello,

I've paid off my debts which accumulated to around £3,000 - mostly were defaults from mismanagement and surviving on payday loans when out of employment during and after uni. My last payments were around two/three months ago.

I now earn around £32,000 in my profession and my take home is just above £2,000 a month. I'm single, so it is just me.

I know I won't be looked at favourably because of my old debts, however, I was in education for 6 years and whilst I did work alongside it, that basically was enough to keep my head above water.

I am asking for information as to what to do next? I'm saving for my deposit which is so far just over £3,000 and i'm currently saving £1,000 a month.

I would love to get on the property ladder asap.

- Am I likely to even get approved? If not, how long am I looking to wait? I live in the North so property prices are around about £90-100,000 for what I am interested in.

Thanks for listening and taking time to read.

kingstreet

There is insufficient detail to give you much guidance here. Detail which will be needed by your chosen broker, so copies of all three versions of your credit file will now be essential.

You will find the time from your last default and the amount of your deposit move along a timeline so that the longer the time the smaller the minimum deposit and vice-versa

You should now be speaking to an independent broker who can study your credit files and guide you appropriately.