First Time Buyer - Bad Credit!

chump

Hi,

I'm 25 and earn £25,500/year. I've got £6000 savings and currently pay out £300 per month in debt repayments on various old loans/credit cards. I've got 5 Defaults from 1-2 years ago but have not missed a single payment for 2 years now with anyone.

Can anyone tell me:

1] Am I likely to get a mortgage at all?

2] If so roughly how much might I get?


I'd appreciate any help.

Cheers
Chump

Mortgageman

Am I likely to get a mortgage at all

Yes - you may well pay a premium though because of your previous credit issues- it depends exactly when they were

If so roughly how much might I get

Got a deposit? 3.5 times income is pretty standard

chump

Yes I've got savings of £6000 but I guess legal fees, stamp duty etc needs to come out of this...?

Earning £25,500 per year and with £20,000 in debts (£300 per month repayments) am i likely to be accepted on a Shared Ownership scheme? Would my high-ish salary stop me getting on a scheme like this?

Cheers
Chump

Robert_Sterling_3

What price would you be expecting to pay for your property?

chump

The Shared Ownership properties are £130,000 with a choice of 25 or 50% ownership. So a mortgage of £32,500 or £65,000 respectively.

If I can't get a shared ownership property then on the open market the most I can get is £78,000 i think (but is anything worth buying in the south east (Bedfordshire/Northamptonshire) for this price....you can get just about nothing.....

Chump