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Mortgage after debt, but will have a good deposit
Bobb12345
Posts: 76 Forumite
Hey all,
I have finished paying off a sizeable debt (finished in November 2022), and have been supplied with a sizeable deposit (from parents) for a property purchase. Will the fact I have recently just paid the debt off, have an impact on when I apply for a mortgage. I'm guessing it will.I had no CCJs but did have a debt with stepchange, which has now been cleared. Does anyone have any advice as to where to go for a mortgage? Many thanks.
I have finished paying off a sizeable debt (finished in November 2022), and have been supplied with a sizeable deposit (from parents) for a property purchase. Will the fact I have recently just paid the debt off, have an impact on when I apply for a mortgage. I'm guessing it will.I had no CCJs but did have a debt with stepchange, which has now been cleared. Does anyone have any advice as to where to go for a mortgage? Many thanks.
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Comments
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What does you credit score show!”?Bobb12345 said:Hey all,
I have finished paying off a sizeable debt (finished in November 2022), and have been supplied with a sizeable deposit (from parents) for a property purchase. Will the fact I have recently just paid the debt off, have an impact on when I apply for a mortgage. I'm guessing it will.I had no CCJs but did have a debt with stepchange, which has now been cleared. Does anyone have any advice as to where to go for a mortgage? Many thanks.2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream0 -
My credit score is obviously poor following the above situation. I guess it'll be a case of going to a mortgage broker to see if they can help. Anyone have any recommendations?0
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You will probably get more informed suggestions if you post this in mortgages board where some experienced brokers usually give their opinions.3
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An experienced independent broker would be a start.Bobb12345 said:Hey all,
I have finished paying off a sizeable debt (finished in November 2022), and have been supplied with a sizeable deposit (from parents) for a property purchase. Will the fact I have recently just paid the debt off, have an impact on when I apply for a mortgage. I'm guessing it will.I had no CCJs but did have a debt with stepchange, which has now been cleared. Does anyone have any advice as to where to go for a mortgage? Many thanks.
Your deposit is less relevant in cash terms than it is as a percentage of the purchase price; what we call loan to value. At 25% deposit or more you will have more options than you would at, say, 15%. Some lenders won't lend, others will.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.1 -
IGNORE THE SCORE
Credit score does not mean anything. What does your credit report contain? Does it show a lot of debt management plans, defaults, arrangements to pay?1
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