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Help! Advise wanted
dmste
Posts: 1 Newbie
My wife and I have been renting property for around 6 years but have got to the stage where we would really like to obtain a mortgage and buy somewhere.
Unfortunately I got myself in approximately 20k worth of debt with various credit cards and loans around 6 years ago and was in a bit of a mess. I didn't incur any CCJ's but did miss a few payments here and there. Eventually I contacted the CCCS (Consumer Credit Counselling Service) and now pay a set monthly fee which is divided amongst all the companies I owe to. I have been paying this fee for around 6 years but still have approx 13k outstanding.
Since this time I have not incurred any more debt and no longer have a credit card. My wife has a credit card and a car on HP.
Could anyone advise me on our chances of obtaining a mortgage? We are both working and currently pay approx £750 a month on rent (and have never missed a payment) - we are both 33 years of age.
We don't have any savings but have scope to borrow a small ammount for a deposit from our parents.
Look forward to hearing from anyone who may be able to help!
Unfortunately I got myself in approximately 20k worth of debt with various credit cards and loans around 6 years ago and was in a bit of a mess. I didn't incur any CCJ's but did miss a few payments here and there. Eventually I contacted the CCCS (Consumer Credit Counselling Service) and now pay a set monthly fee which is divided amongst all the companies I owe to. I have been paying this fee for around 6 years but still have approx 13k outstanding.
Since this time I have not incurred any more debt and no longer have a credit card. My wife has a credit card and a car on HP.
Could anyone advise me on our chances of obtaining a mortgage? We are both working and currently pay approx £750 a month on rent (and have never missed a payment) - we are both 33 years of age.
We don't have any savings but have scope to borrow a small ammount for a deposit from our parents.
Look forward to hearing from anyone who may be able to help!
0
Comments
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If you hadn't already noticed, there's a credit crunch going on!
The first thing to do would be to check your credit rating.
Realistically, you probably won't be able to borrow more than 3x your joint salaries at the moment, and will probably require a 10% deposit on the property, as banks have now scrapped 100% mortgages. I'm presuming if you have £13k of debt, you won't have a spare £10k deposit kicking around?!?!
Could you not move somewhere cheaper and concentrate on paying off your debt faster?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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