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1st mortgage
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MizzB
3 Posts
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1
29/06/2021 - 1:07 pm

Hi

looking for some help! We rent a property currently and have lived here for almost 13 years and never missed a payment. Our landlord wants to sell within the next year and has offered us 1st refusal at £98,000, discounted from £115,000.

we would love to buy it and we have a 10% deposit gifted from our parents and could possibly stretch it to 15%.

I work part time and earn £11,700 and my husband full time and earns £35,000 (£39,000 with overtime)

mu husband has in the last 6 months entered into a Dmp which is being paid every month and has 2 defaults for £500 and £350.

I don’t have any dmp or defaults but I have 4 credit cards which I pay in time every month.

would we get accepted for £85,000?

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157 Posts
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2
29/06/2021 - 1:08 pm

Hi there,

15 percent deposit should hopefully give you a solution, but I’m a little nervous about the recent DMP.

Typically when you enter into a DMP most creditors will register a default. It maybe therefore that your Husband has or will soon be picking up additional defaults, as the 2 recorded don’t sound like they are part of the DMP

Devil will be in the detail here, but 15 percent will almost certainly be the minimum deposit required…

Best of luck

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MizzB
3 Posts
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29/06/2021 - 1:08 pm

Thank you for getting back to me. There were 4 companies added to the dmp. 2 being with his bank who have accepted and said they won’t charge any fur her interest etc and the 2 defaults I mentioned are part of the dmp also not additional

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MizzB
3 Posts
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4
29/06/2021 - 1:08 pm

15% deposit we could do

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157 Posts
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5
29/06/2021 - 1:09 pm

15 percent is the absolute minimum here, but much will depend on exactly how your Husbands adverse has manifested on his credit file.

My initial concern is that his bank have/may default the accounts (as technically they are defaulted) which would make matters almost impossible in the short term

Well worth obtaining up to date credit files and sharing with an experienced broker.

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