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Early days DMP and mortgage - what can I do?
ditty1234
Posts: 2,125 Forumite
Hi I am on a DMP and I have 2 accounts still to default. So this question is admittedly speculative, but in about 1-2 years I will be able to move into a smaller home and am looking to move of the rental I've been in for 16 years. The rent is £700.
I am hoping to get a deposit together while slowly paying my DMP. I'f I'm looking at a 50% ownership flat I will need £50-80.000 from mortgage and deposit. Will a 5% deposit be enough? Is there anything I can do to rebuild my credit once the defaults have gone through?
At what point might it be realistic to approach a mortgage broker in 1 year - 2 years?
My current contract is parttime so I am also looking to secure a full time contract in the next year or so. And I'm over 50! So while I'm not in a good place I am generally an optimistic person and would like to get my own place!
Additionally if I am living with an adult child who will pay rent at home will that improve my chances of getting a mortgage, supposing they are working and self sustained otherwise?
I am hoping to get a deposit together while slowly paying my DMP. I'f I'm looking at a 50% ownership flat I will need £50-80.000 from mortgage and deposit. Will a 5% deposit be enough? Is there anything I can do to rebuild my credit once the defaults have gone through?
At what point might it be realistic to approach a mortgage broker in 1 year - 2 years?
My current contract is parttime so I am also looking to secure a full time contract in the next year or so. And I'm over 50! So while I'm not in a good place I am generally an optimistic person and would like to get my own place!
Additionally if I am living with an adult child who will pay rent at home will that improve my chances of getting a mortgage, supposing they are working and self sustained otherwise?
Isa help to buy: 1000/3000 33%
Emergency fund: 100/1000 10%
Weight loose 8.6 kg - while having fun. 0/8.6 0%
Focus debt to clear HSBC £10/1111, 0% updated May 25
Emergency fund: 100/1000 10%
Weight loose 8.6 kg - while having fun. 0/8.6 0%
Focus debt to clear HSBC £10/1111, 0% updated May 25
0
Comments
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Once you are 6 years clear of the last default things will get easier for you. 10-15 % deposit would be a minimum, plus fees.
You wont be able to count rent from a lodger as income for this purpose.1
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