Debt Management Plan

Posted on 2 December 2010 by cath


I am in a debt management plan and pay rent of 800 pcm.  A family member has offered me £20,000 to put down as a deposit.  I have seen a shared ownership house for £75,000 but I am struggling to get a mortgage.

Do you know any companies that would lend to me, even at a higher interest rate? The rent is only £200 pcm so if I can get a mortgage for £600 pcm it wouldnt affect my debt management plan.

Cath

I regret that I am not aware of any Lender's who will consider a mortgage for you at present.  Whilst there are Lenders who will grant mortgages for the purchase of Shared Ownership properties and there are Lenders who will still look at applications from people with a less than perfect credit history, I do not know of anyone who will do both.

My recommendation would be to concentrate on repaying your debt management plan and clearing up your credit record.  Once you have achieved this and then shown you can maintain a clean credit record for at least another 12 months you may find that Lenders will start to consider you for a mortgage.

Peter

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