First Time Buyer / DMP / Scotland

TattieHeid

Looking for someone savvy with poor credit and first time buyers specifically in Scotland.

• I have an active DMP with a debt management company.
• Debt accrued due to change in circumstances over a year or two rather than long term poor financial management.
• I have the opportunity to offer a partial settlement to become debt free in the next few months.
• I can then redirect my overpayments between mine and my husband's LISAs and another 4% savings acc.
• Next step is my husband and I are looking to buy a property as our current rental is too small and we're planning another baby.
• Time pressure on everything due to our ages (early 40s).

Is a partial settlement of my debts going to cause more issues when it comes to lenders looking at my credit file?

What would our best route be to home ownership? OMSE? New build scheme?

ACG

How long has the DMP been in place?

Assuming 2 years or more, that should help. Partial settlement wont make any significant difference compared to fully satisfying, better to do partial and put the extra towards a deposit assuming we are talking about reasonable numbers.

Not sure what OMSE is, but the new build schemes, I am not sure if you can combine that with a DMP in Scotland (I am south of the border, we only do the odd case north of the border). You should speak to a broker, a decent experienced one should be able to give you some pointers - dont worry if your not planning on buying for 12 months or so, we speak to people like that all the time. Its always nice to have a few "slow burners" in the background.