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Refused help form the government to buy my first home...what can i do now
4 Answers
Hi
My partner and I have just been refused help form the council to enable us to buy our first home......we were under the 60k threshold - so not quite sure why. I will be e mailing to ask. But in the meantime any tips or advice for how we can afford to buy in South West London? We have 10k saved. My partner went bankrupt 5 years ago could this be why the council refused us????
My partner and I have just been refused help form the council to enable us to buy our first home......we were under the 60k threshold - so not quite sure why. I will be e mailing to ask. But in the meantime any tips or advice for how we can afford to buy in South West London? We have 10k saved. My partner went bankrupt 5 years ago could this be why the council refused us????
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I don't know anything about council schemes so can't comment on why you were refused.
As for tips on how to afford to buy in South West London, I would start by waiting a while and getting a bigger deposit, the bigger the better.
Most lenders require a minimum of 10% deposit these days and then you will have fees and moving costs to pay on top. 10K won't get you very far in that area.
As for tips on how to afford to buy in South West London, I would start by waiting a while and getting a bigger deposit, the bigger the better.
Most lenders require a minimum of 10% deposit these days and then you will have fees and moving costs to pay on top. 10K won't get you very far in that area.
Unrestricted and lax lending has helped this country get into the mess it is in today. Be grateful the council have saved you from yourselves. ;)
Save up and get a bigger deposit. The morgages might be cheeper at the moment but the fees are punitive and punishing if you haven't the capital behind you. I would have thought that having been bankrupt probably won't help your ability to get a morgage anyway.
But if you can good luck to you.
Save up and get a bigger deposit. The morgages might be cheeper at the moment but the fees are punitive and punishing if you haven't the capital behind you. I would have thought that having been bankrupt probably won't help your ability to get a morgage anyway.
But if you can good luck to you.
the bankruptcy is likely to be the answer. i think its 6 or 7 years before you are allowed credit again. this will have been explained when bankruptcy was filed for.
log on to experian.co.uk
you get get your credit report and credit rating here. this is what people use to determine your creditworthyness. this is what the sofa people will have been looking at.
it will also give you advice on why you have a bad credit rating and what to do to improve it.
basics are: never go overdrawn on your bank account. never miss a payment to a credit card or loan or mortgage. this sits as a black mark on your credit report for 6 years. anyone who credit checks you can see it. you can get a copy of your full report from experian online for �5 or i think you can get it in the post for �2
log on to experian.co.uk
you get get your credit report and credit rating here. this is what people use to determine your creditworthyness. this is what the sofa people will have been looking at.
it will also give you advice on why you have a bad credit rating and what to do to improve it.
basics are: never go overdrawn on your bank account. never miss a payment to a credit card or loan or mortgage. this sits as a black mark on your credit report for 6 years. anyone who credit checks you can see it. you can get a copy of your full report from experian online for �5 or i think you can get it in the post for �2
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