Any advice re mortgages? student, large deposit..

[micasaes]

Hi, I have a large deposit (would be 50-70% of the property value) it is not enough on its own to buy anything

I am a full time student. I am currently wasting a fortune renting (1500pcm)

I have one child and am a single parent. I live in central London.

I would like to buy, preferably, a 2 bed flat for us. I don't qualify for shared ownership now that I have given up work. A further problem is my catastrophic credit history (a long story, an ex managed to run up huge debts resulting in a CCJ)

It seems such a waste to not be able to use this deposit money as just that, and to remain in higher and higher rented properties. I would like some security for once.

Any ideas on who might offer me a mortgage?

You're going to struggle to get a mortgage if you don't have a regular income and you've got a bad credit history. Then again, if you can afford £1500/month rent, that suggests you've got a pretty decent income. May be worth talking to an independent mortgage adviser. Is it vital you live in Central London or would you consider living somewhere that your deposit money could buy a whole flat? Is your deposit money well-invested and working for you?

Hi cogito - no it's not well invested at the moment, I have one mini isa. It is vital I live in London for the foreseeable future as the rest of my course has to be here (another few years) I can't transfer. I also wouldn't want to unsettle DS too much and he'll start school next year.

I don't mind where in London, I also thought about a one bed flat and converting a room into a bedroom, but there's literally nothing in that kind of price range (about 130k).

I don't have an income as such at all, just a student loan! It has been chaos (looking for pennies to buy food,. and so forth) and now depleting deposit funds on rent (which they will up to 1600 in August)

Am kicking myself a bit for leaving my job when I did. Long term prospects are good career wise (medicine) but short term I'm in quite a mess!

more like 115 I think. I might do the independent advisor thing, but one glance at my credit rating they might slam the door in my face

I think you have to anticipate the door slamming, unfortunately. My fully-employed, large deposit-bearing, DB is trying to buy a property at the moment and has been turned down by every lender on the grounds of a default on his credit record for a debt that has long since been paid off.

If you've got five more years of the same conditions you're going to end up with an even bigger student debt which will make it even less likely that you can afford to buy. If it's not well invested, why not use your nest egg to meet your day to day expenses and improve your credit rating?

Have you thought about buying outright somewhere else in the country and renting that house out. This way you would be earning from that money rather than depleting it. Then when you have graduated with a full time job you will be in a better position for a mortgage - hopefully when you sell the house it will be worth a bit more too.

a quick look on rightmove reveals plenty of reasonably central properties to rent for £1000 pcm (not flat shares) - and that is with 2 beds.

re the CCJ - if it wasn't your debt, can it be dissociated from you to improve your credit rating?

any chance of maintenance?