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Mortgages for older people
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Gemsy81
Posts: 182 Forumite
OH and I have been trying to give ourselves a serious financial overhaul after a lifetime of both being rather lax. We have some debts related to our business, but everything is up to date and should be cleared within 1 year max.
I understand credit score is not that relevant - we both score low, but all our accounts show as up to date, we are not using all our available credit, on electoral roll, however I have one satisfied CCJ on my record which is nearly 5 years old.
We desperately want to buy ourselves a house but the following are our challenges and I want to know if this is ever going to be possible, or should we be securing our financial future in other ways as a mortgage is going to be impossible.
- OH is 51, so I think finding a mortgage provider is already going to be challenging
- I have some satisfied payday loans (bad time which I will never return too, but all paid in full with no issues), I understand mortgage providers hate these!
- The satisfied CCJ on my record
- We are self employed, I think this will also make it harder.
- We live in a really expensive area, but it is where our business is based and I can't see us relocating anywhere cheaper.
Our income is OK - £65-80k per annum dependent on how good business is! If things are all going well we tend to have plenty of disposable cash, so priorities are to rein in spending massively, pay any debts off sharpish and get cracking on a deposit. If needs be, we could also release some money from our business to help with a deposit.
I understand credit score is not that relevant - we both score low, but all our accounts show as up to date, we are not using all our available credit, on electoral roll, however I have one satisfied CCJ on my record which is nearly 5 years old.
We desperately want to buy ourselves a house but the following are our challenges and I want to know if this is ever going to be possible, or should we be securing our financial future in other ways as a mortgage is going to be impossible.
- OH is 51, so I think finding a mortgage provider is already going to be challenging
- I have some satisfied payday loans (bad time which I will never return too, but all paid in full with no issues), I understand mortgage providers hate these!
- The satisfied CCJ on my record
- We are self employed, I think this will also make it harder.
- We live in a really expensive area, but it is where our business is based and I can't see us relocating anywhere cheaper.
Our income is OK - £65-80k per annum dependent on how good business is! If things are all going well we tend to have plenty of disposable cash, so priorities are to rein in spending massively, pay any debts off sharpish and get cracking on a deposit. If needs be, we could also release some money from our business to help with a deposit.
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