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Mortgage with part gifted deposit and adverse credit help


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Hi all I was looking for some advice 
 

We have saved 12k for a deposit.
My sister is gifting 20k towards our deposit.
 
Me and my husband earn 50k basic a year before overtime which is about 5/10k extra a year.
 
Our credit score are good on Experian but I have 3 defaults from 2018.
I have 14k of debt left over 2 accounts that I currently pay £10 a month in total to in a standing order from bank.

would I be in a position to safely do ahead for a mortgage looking a buying a property around 150/210k

thank you 
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Suggest going to a whole of the market Mortgage Broker with all of the information and they will tell you what is available based on all of the information.

 

Mortgage application will depend on how they score you and the Brokers should hopefully find a lender.  

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We could do with some help from you.

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the amount of debt itself as long as its not astronomic is pretty much immaterial

but it's the 3 defaults that will make things expensive or put you into the hands of people that will rip you off advising using sub prime lenders.with high int rates and little scruples.

 

what are the dates of the 3 defaults?

what are the type of credit the debt is made of

who are you paying?

 

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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so tesco's and halifax have sold debts on to DCA's for <10p=£1 and you are blindly paying them?

i wonder why they that did that and didn't take you to court and crush you themselves?

strange that eh?

 

how quickly do you want this mortgage?

it might pay you to investigate these 2 debts with our help, and if they are enforceable offer part of your savings to write these off and get the defaults removed as part of the bargain before applying.

 

you are going to have a very hard time getting a good rate mortgage with a prime lender with 3 defaults, just the OD one would be better.

and most likely succeed.

the trouble with going subprime is the rate will be very high and cost you £1000's more money than trying to F&F the DCA debts now with a bit of help.

 

dx

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

then unless there are heeps of unlawful £12 charges or PPI to come off those the only way you are not going to get ripped off with a high £PCM mortgage around your neck for +25yrs is to offer each DCA an F&F to remove the debt completely or wait till 2024 when they auto drop off.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

ah yes i've just had a look at your threads

there is serious history here.

 

i'm in a very busy period right now for a good while so can't partake in intense investigation on your overall picture...

but i will guess and going by gut instinct here, if i were where you are... i'd not possibly saddle myself with paying £10k's over the top for the next xxyrs going with sub prime... i might be tempted to settle the 2 dca debts for whatever i have too with my savings, then go prime lenders way

 

just musings while i have 5 mins

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Agree with dx view on this.

 

If you find an independent whole of the market mortgage advisor, they may deal with smaller lenders (not sub prime) who may consider you, but only if you took certain actions with the debts. 

 

I think your next step is to have a long telephone conversation with an independent Mortgage Brokers and they should given you an honest view on options.

 

Perhaps there are property purchase options such as shared ownership, where you may be in a better position. 

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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