Use payout as a deposit for first home
After recovering from serious injury and addiction, Sean could ...
QI fractured my skull in the Royal Australian Navy 30 years ago and have developed epilepsy. I went into a massive depression and post traumatic stress disorder and turned to drugs and gambling as a pain reliever.
Thanks to the staff at the National Centre for Veterans’ Healthcare, I am very much cured and moving on with life. I am now due for a substantial amount of compensation; however due to my previous gambling habit I have totally ruined my credit score. I just wanted to know if there was anything I could do to repair my score and if so how would I go about it. I’m 50 years old and have never thought about being a first home buyer, so any general advice you could give would be greatly appreciated.
Wow, you have really been through a wringer, Sean. I was getting very nervous for you as I started reading your email, but that quickly changed as you described the role of the staff at Veterans’ Healthcare. This service has been mentioned to me, in a very positive light, by other veterans. I can’t begin to tell you how delighted I am that with the centre’s support, and I know a great deal of effort by you, you have really turned your life around. Congratulations – that required a great deal of personal commitment
You mention substantial compensation, so I imagine that this means a very significant home deposit. With this, and I presume a services pension, you should have the key to what a lender wants. I am sure the Centre for Veterans’ Healthcare can be a reference here, but your recovery, plus a substantial deposit and income to meet any repayments on a mortgage, will make any lender willing to work with you feel very positive about you.
One thought is to ask the Veterans’ Healthcare people if they have a “recommended” list of lenders used to dealing with veterans. But armed with honesty, a pot of money and reliable income, I am sure lenders will be very happy to talk to you.
My best wishes for your future.