Complex situation

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  • Complex situation

    Hello, I'm new to this board. I might be a single mother of two in a few months, at present, my marriage is not going to well. I can now afford to let a 3-bed semi and probably pay about £975 a month, thanks to years of hard work and a recent promotion. The complex bit is that 1. I have no good credit, having borrowed to fund things in this marriage 2. Not many landlords want to let to single mums. Is there anything I can do to assure the landlord that I am good for the money? The only reference I can get will be from my husband, as he owns the place I currently live. Thanks in advance.

  • #2
    Originally posted by tallgaluk View Post
    The complex bit is that 1. I have no good credit, having borrowed to fund things in this marriage 2. Not many landlords want to let to single mums.
    I don't think landlords have anything against single mums particularly; if (as it sounds) you have a job and are bringing in enough money to pass a prospective landlord's criteria, and can pay the deposit, you should be fine.

    The "no good credit" thing might be an issue - what exactly does that mean? "Borrowed to fund things" isn't a problem as such, credit-score wise: what is a problem is if you've got into difficulties with repayments, eg if you've got CCJs.

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    • #3
      Get a guarantor that normally swings it for us

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      • #4
        Thanks for the replies. I've also considered buying.
        My credit problems include 2 CCJs and a number of defaults I got last year, which I've only just paid off. I've got other debts I could not pay, but I am now paying and should be able to clear in the next year.

        I can find people willing to lend me money (at very expensive rates, understandably). I have no deposit, so will have to risk a 100% mortgage. If I did so, will I be able to let that property? I'm thinking of that to change my situation form borrower to investor.

        Thanks.

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        • #5
          It is not normally advisable to invest in any market when you still have debts elsewhere. Seek independant financial advice before doing anything, but I would suggest that you would be safer clearing your debts prior to investing in property.

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          • #6
            Thanks for all your help.

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            • #7
              Originally posted by tallgaluk View Post
              I can find people willing to lend me money (at very expensive rates, understandably). I have no deposit, so will have to risk a 100% mortgage. If I did so, will I be able to let that property? I'm thinking of that to change my situation form borrower to investor.
              This is probably the most terrifying thing I've read for a long time.

              Peter

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              • #8
                Originally posted by pcwilkins View Post
                This is probably the most terrifying thing I've read for a long time.

                Peter
                That's nothing, you want to try reading my latest mortgage statements!!

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                • #9
                  Originally posted by Colincbayley View Post
                  That's nothing, you want to try reading my latest mortgage statements!!
                  Seriously, though; surely tallgaluk doesn't really think that borrowing money to invest means that one changes status from borrower to investor?

                  I'm rapidly losing confidence in the common sense of the great British public.

                  Peter

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                  • #10
                    Originally posted by pcwilkins View Post
                    Seriously, though; surely tallgaluk doesn't really think that borrowing money to invest means that one changes status from borrower to investor?

                    I'm rapidly losing confidence in the common sense of the great British public.

                    Peter
                    Agreed. I think the media has a lot to answer for in portraying the myth that property investment is 'easy' and that the money will just come rolling in.

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