Open market equity scheme Scotland-now or later?

kay0601

Hello everyone, just looking for thoughts on the best way to approach this. My partner and I are in social housing just now and are looking to buy our first property together. In a nutshell:

He has £13000 saved; I have no savings.
He works full time; I work 24 hours although I'm on statutory maternity leave until October.
My credit history isn't great thanks to bed decisions made in a previous relationship. I paid off my final debt last October. His is perfect.

His annual wage is around £23000 while mine is £13500. We've no loans/car payments etc and our credit cards (1 each) get paid in full each month.

We intend to apply to the open market equity scheme in order to afford a home but are not in agreement on when the best time to do this will be.

I'm assuming it makes more sense for the mortgage to be solely in his name due to my poor credit history and for me to be added at a later date once my default drops off my record.

Would it be better for us if we apply now because he'd get a bigger amount of help or isn't it more sensible to wait until October '19 and then apply jointly? My concern with waiting is we'd be less likely to get help through the scheme and therefore be more likely to be unable to afford a house (and I'd really like a garden!)

It's maybe worth mentioning that property prices up here have dipped in the last couple of years but there has been some recovery recently which worries me.

kay0601

Can anyone offer any thoughts?

Pixie5740

What's in your credit history that's so bad you don't think you'd be eligible for a mortgage?

kay0601

I had a loan for £5000 I took out in 2011 that I defaulted on in 2012 and paid £30 a month until I was able to offer £1900 last October to settle which they accepted. I've been building my credit up (I think) as I've a next card I buy a top or two on every couple of months and pay in full and I've just taken out a credit card. Thought I'd get the £250 limit but they gave me £1000. I've been spending £50 a month on it then paying it in full.

Nebulous2

Have you checked your credit files with all 3 agencies to see what is on there? A default in 2012 should drop off this year - though the limit is 5 years in Scotland so it should be gone already. If it is still there you can challenge it.

kay0601

Does that still apply if it was only paid last year? I was under the impression it was from when the debt is satisfied

Nebulous2

kay0601 wrote: »

Does that still apply if it was only paid last year? I was under the impression it was from when the debt is satisfied

From date of default. Never mind surmising though, you can check your files for free.

kay0601

I've been checking the three agencies religiously for the last few months !!!55357;!!!56834; My score (which I know means squat) is slowly creeping up.
Now to show my oh and suggest we go see a broker