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Big deposit but bad credit....confused!
scabbyfiver
Posts: 47 Forumite
Hi All.
My partner and I are living in a house valued at £150000 and we only have £75000 left to pay on our mortgage.
However, we want to move to another house costing £160000. What do you reckon the chances of us doing this are considering:
- My credit rating is extremely low and have been on a DMP for one year. I owe around 16000 to various creditors. Her credit rating is faultless.
- Our wages don't add up to the amount we want to borrow using the affordability criteria of 2.75 times the combined salary. It's not far off and it's a staff mortgage through a bank so it's not "set in stone"
- Our joint account is usually always overdrawn but never over agreed limits.
- On the positive side, we have a large deposit and have never missed any mortgage payments.
I'm scared to apply for anything in case I damage my (or our) credit rating any further.
Are staff lending units quite flexible when it comes to these situations or are they even less likely to approve? Is our only hope contacting a broker?
Any help or advicewould be greatly appreciated.
My partner and I are living in a house valued at £150000 and we only have £75000 left to pay on our mortgage.
However, we want to move to another house costing £160000. What do you reckon the chances of us doing this are considering:
- My credit rating is extremely low and have been on a DMP for one year. I owe around 16000 to various creditors. Her credit rating is faultless.
- Our wages don't add up to the amount we want to borrow using the affordability criteria of 2.75 times the combined salary. It's not far off and it's a staff mortgage through a bank so it's not "set in stone"
- Our joint account is usually always overdrawn but never over agreed limits.
- On the positive side, we have a large deposit and have never missed any mortgage payments.
I'm scared to apply for anything in case I damage my (or our) credit rating any further.
Are staff lending units quite flexible when it comes to these situations or are they even less likely to approve? Is our only hope contacting a broker?
Any help or advicewould be greatly appreciated.
0
Comments
-
Honestly?
Stick your savings for your deposit into a high interest savings account (now is an excellent time to do this) concentrate on clearing off your debts.
By the time your debts are clear; maybe house prices will have dropped somewhat more; meaning your money will go further plus you won't have the worry of moving house and incurring further expenses when you already have debt.
Good luck0
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