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Help to buy help! Defaults
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Halfwaythere
Posts: 87 Forumite
Hi can anyone help
i have come out of a DMP a few months ago and paid back just over 30k of debt. We have 13k left on 2 defaulted accounts from March 2018 and pay a few pounds a months towards. The plans was to wait out and get a good settlement offer for these.
we have enough deposit to get a 5% help to buy Deposit on a 266k property, would this be possible in our situation ? And also sensible ?
for us to buy a 150k house we would be needing to save 30/40k for deposit and to pay for doing it up which we wouldn’t need with help to buy. It would also mean us having to rent for another 12months and save etc.
anyone have any ideas of advice? Tia
i have come out of a DMP a few months ago and paid back just over 30k of debt. We have 13k left on 2 defaulted accounts from March 2018 and pay a few pounds a months towards. The plans was to wait out and get a good settlement offer for these.
we have enough deposit to get a 5% help to buy Deposit on a 266k property, would this be possible in our situation ? And also sensible ?
for us to buy a 150k house we would be needing to save 30/40k for deposit and to pay for doing it up which we wouldn’t need with help to buy. It would also mean us having to rent for another 12months and save etc.
anyone have any ideas of advice? Tia
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Comments
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Depends on your income. I believe that to meet HTB affordability criteria, your debt to household income ratio can be no more than 45%. I found the HTB equity calculator on the Homes England Help to Buy website very helpful (can't post the link on here, I haven't been around for long enough!)
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Thank you I have just done a calculator and says we can afford it0
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Same as this thread;-
https://forums.moneysavingexpert.com/discussion/6207276/mortgage-advice-help-to-buy-bad-debt-history#latest
I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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