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First time buyers, DMP & low deposit

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First time buyers, DMP & low deposit

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Kerry200120Kerry200120 Forumite
1 posts
MoneySaving Newbie
Looking for a little advice/guidance if anyone can help. 

Myself and my wife have been renting for just over 11 years, since we were 18 & 17. As we were young, we made some not so sensible decisions and took out loans for our wedding and payday loans when we were short of cash. Almost 5 years ago we decided we were getting nowhere paying the basic payments on our debts and decided to go onto a DMP. We have never missed a DMP payment and have paid off more than half of it so far. 
After our previous landlord selling up, we moved into our current home with the intention of renting for 3 years and saving up a deposit, then buying a forever home. Unfortunately our current landlord is having to sell up but is offering to give us the property for under the market value if we wish to buy. The alternative is to move house for the 9th time in the last 10 years. (All moves due to landlords selling up/location changes - we haven’t had the best of luck!). We don’t have a deposit saved yet, however our families are willing to help. But we have no idea if we stand a chance of obtaining a mortgage with our DMP still running and not too great credit scores. 
My father has offered to be a third applicant on our mortgage if it is to help also. 
Does anyone have any advice?
Do we stand a chance?

Replies

  • ACGACG Forumite
    20.6K posts
    Tenth Anniversary 10,000 Posts Name Dropper I've helped Parliament
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    Dad is unlikely to help.
    15-20% deposit then potentially. I am not sure if you will be able to use the landlords discount towards that. You really need a broker with experience in adverse.  This is far too complex for a generic chat on a forum I think. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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