Hi All, I haven't posted in this forum before but have been reading quite a few of the threads. After doing so, I'm a bit concerned about whether my partner and I are likely to be able to get a mortgage next year.
Back in 2008/2009 I was in a bad and abusive relationship with a guy who was absolutely terrible with money. We were living together and I ended up paying the majority of the household bills etc as he rarely had enough money for his half. Stupid of me, I know, but when you are in that kind of relationship, sometimes it takes a while to realise whats happening and what its doing to you. For me the realisation came towards the end of 2009 when I was disgnosed with depression caused by the stress of the relationship and debt worries. I had defaulted on a loan and 2 credit cards as I couldn't afford the payments and ended up on a DMP. I think at the worst point I had approx 15k of debt. At that point I walked away from the relationship, I lost money in the process but it was absolutely the right thing to do.
Now I have a wonderful partner and have never been happier, we have been together 2 1/2 years and renting together for 2 and are talking about buying a house next year. My debts have all been settled over the last few years, a hard process but so rewarding when each was paid off and my partner and I have been saving for a deposit. I've been lucky enough to advance my career in the last couple of years as well so I'm now on a good monthly salary.
So my question is, do we have any chance of getting a mortgage next year?
The house value would be around £200k (we live in an expensive area). We will have 12k saved by June this year and hope to have 20k when we come to look at applying for a mortgage. This would have been more but my main focus has been clearing my past debt.
We are 27 and 28 and earn 55k a year between us. My partner has a good credit history.
My defaults were recorded:
29/09/08, 23/10/08 and 28/02/09 and these are all settled.
We have interest free finance on a sofa due to end before we apply for a mortgage and both have a credit card which is paid off in full each month. Other than student loans, we have no other debts.
Thanks for reading and sorry for the long post!
Back in 2008/2009 I was in a bad and abusive relationship with a guy who was absolutely terrible with money. We were living together and I ended up paying the majority of the household bills etc as he rarely had enough money for his half. Stupid of me, I know, but when you are in that kind of relationship, sometimes it takes a while to realise whats happening and what its doing to you. For me the realisation came towards the end of 2009 when I was disgnosed with depression caused by the stress of the relationship and debt worries. I had defaulted on a loan and 2 credit cards as I couldn't afford the payments and ended up on a DMP. I think at the worst point I had approx 15k of debt. At that point I walked away from the relationship, I lost money in the process but it was absolutely the right thing to do.
Now I have a wonderful partner and have never been happier, we have been together 2 1/2 years and renting together for 2 and are talking about buying a house next year. My debts have all been settled over the last few years, a hard process but so rewarding when each was paid off and my partner and I have been saving for a deposit. I've been lucky enough to advance my career in the last couple of years as well so I'm now on a good monthly salary.
So my question is, do we have any chance of getting a mortgage next year?
The house value would be around £200k (we live in an expensive area). We will have 12k saved by June this year and hope to have 20k when we come to look at applying for a mortgage. This would have been more but my main focus has been clearing my past debt.
We are 27 and 28 and earn 55k a year between us. My partner has a good credit history.
My defaults were recorded:
29/09/08, 23/10/08 and 28/02/09 and these are all settled.
We have interest free finance on a sofa due to end before we apply for a mortgage and both have a credit card which is paid off in full each month. Other than student loans, we have no other debts.
Thanks for reading and sorry for the long post!