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Hi all,
I am 47 and recently divorced, my ex would not acknowledge any of our unsecured debt and I ended up defaulting. I have it sorted with the help of Citizens advice but have been left renting and no hope of paying off my debts anytime soon.
I do have money from the sale of my house and could raise a deposit of 5% but would my debts stop me from getting a mortgage? I never failed to pay my mortgage in the past and could afford to make mortgage payments so advice or experience from anyone in this situation would be greatly appreciated.
Hi and welcome
Unfortunately, I think they would, as by your own admission, you aren't going to be able to pay the debts off soon, so a mortgage company is going to do a thorough assessment (they have to now) as to whether you can afford to pay a mortgage, including an increase in case the interest rates rise, and I can't see how that will change in the immediate future.
It might be worth contacting www.stepchange.org - they are a debt charity and might give you some clues.
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