My partner has run up substantial debts. We have decided to sell his flat to pay off these debts, using the equity he has in our flat (he owns it – I moved in at a later stage when we had our daughter), which is about £40,000. The problem is that after the debts have been paid off there is not enough left use towards buying another place (my partner has bad credit and we would need at least 10% deposit of the asking price). We have been advised to rent until my boyfriends credit repairs itself. He has no CCJ’s but an extremely bad record of paying creditors on time / has had mortgage arrears in the past (until I became aware of the problem and sorted it out). While we plan to save while we are renting it would take us an extremely long time to save 10% of the asking price for a house and we would probably require at least an 80%+ mortgage…My question is – how long is it likely to take for his credit to repair itself? To the point that we would not require an adverse credit mortgage?
Sorry – obviously meant 90% + mortgage, not 80%…
Selling up and renting to pay off debts. How long will it take for my partners bad credit to repair?
I want to repair my credit and hopefully be able to buy a home. What are the steps to help me repair my credit?
I would like a reputible company, I am trying to repair my credit for a home loan.
Hello all, I am getting married next year and me and my soon to be wife are looking to purchase a home next year at the beginning of the year. My credit score is not good, around 529. I have had a couple of bad things on my credit, I have paid some and I [...]
I”m going to make a long story short. Wife went to college, we had a premature baby and we lost everything. Filed bankruptcy, and now the wife is done with her degree and making a substantial amount. So here is the question. Do we save for a year, and have enough to pay 40% of [...]
We have really horrible credit. We have at least $ 8,000 in credit card debt alone. We also have medical bills, utilities from my husband’s bachelor days, and insurance bills. All of these things haven’t been paid in over 18 months. This is the plan. 1) Debt Settlement/Consolidation. It will take us 18 months to [...]
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