rent/mortgage & a new DMP

bryan81ni

Hi guys

I have been struggling with my credit cards for a few years now, never failing to meet my obligations to date but only able to make the minimum payments. My total debts are around £24k. Following seeing some advice on a credit card companies site i contacted Payplan for more info about a DMP. I have now started a DMP but just this month, and have now been informed by my landlord that he is planning to put my private rental house on the market. We have been in the house approx 9 years and had planned to buy it at some point, but poor planning and the spiralling debts meant that any savings we had built up were soon used to pay down our debts before having to enter a DMP. I am married and the DMP is solely in my name with my partner having a reasonable/good credit rating.

Ideally we would like to buy the house we are in, for many reasons. However, is it fair to say we will struggle to secure a mortgage in these conditions? Would co-ownership be an option?

Many thanks in advance.

monetxchange

Do you have a deposit saved up to buy a place? Will your partner pass credit checks in order to take the mortgage on on their own? If not, I think you're going to struggle here.

There's no point putting yourself in even more debt. Clear this one first. Like you said, the opportunity has kind of passed to buy this one. It might be best to draw a line under it and come up with a plan to get saving to buy in the future. That's what I did - yeah, it was long but with it in the end.