(Inherited money)want to buy a house-very poor credit

fairy_lights · 17 January 2019 at 4:47PM

sarahpolak1992 wrote: »

I am currently a student and work bank hours so only earning roughly £300 a month and my husband only earns about £850 a month,So really doesn't put us in a good position for a mortgage even with a large deposit

You'll be in a much better position if you can wait until you're qualified and earning a full time salary before applying for a mortgage. Are your husbands earnings likely to increase too?

Wicked_Lady · 17 January 2019 at 4:51PM

Are you a University student? If so will you be able to get a job when you graduate? Will your husband be able to increase his earnings? These are the sort of things I would be thinking about when deciding on a house purchase. You will need some money for solicitor's fees etc plus some for possible redecoration and furniture if you are currently renting.
Do you already have a car or would one of you be looking to learn to drive?
A lot to think about

foxy-stoat · 17 January 2019 at 4:54PM

Banks will lend up 4.5 times joint annual salary - so either look for places that you can afford at current levels or stay as you are and invest the money in Premium Bonds or savings accounts and apply when your in a better paid job - building your credit history and allowing more time to pass since your defaults and CCJs which wont help you at all.

KatrinaWaves · 17 January 2019 at 4:58PM

foxy-stoat wrote: »

Banks will lend up 4.5 times joint annual salary - so either look for places that you can afford at current levels or stay as you are and invest the money in Premium Bonds or savings accounts and apply when your in a better paid job - building your credit history and allowing more time to pass since your defaults and CCJs which wont help you at all.

I think 4.5x salary is unlikely with 'very poor' credit history. Looking at properties at that amount is likely to end in heartache.

Parkingfines · 17 January 2019 at 5:04PM

I bet you could buy a 2 bed mid terrace for under 100k

sarahpolak1992 · 17 January 2019 at 5:14PM

Yes im a student nurse so I shouldn't struggle to get a job once graduated,however I still have over 2 years till then and my husband is a tattoo artist so his income fluctuates considerably. I would need a 3 bedroom due to having 3 children and could get one in my area for a minimum of £150,000 I would say.Such a good but difficult position I just don't know what to do for the best .Who are best to contact for money advice ?

Wicked_Lady · 17 January 2019 at 5:18PM

Can you wait until you are fully qualified and in a Staff Nurse position as that will make it easier to get a mortgage?

In the meantime, pay off your debts and put the remainder of the money in an extremely safe place and don't access it!