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So cutting a long story short I have split from my Mrs. and she is going to buy me out of our current house.
My credit rating isn’t great so should I take the money, rent for 6 months and then come back in to the housing market with a better rate mortgage and be in a great position to make offers as a first time buyer
Or
Should I find somewhere immediately and stay on the market but may not get the property I want or the mortgage which is best?
Help desperately needed. My head says rent and then be in a stronger position when re entering the market but I’m reluctant to leave the market in case I can’t get back on.
My credit rating isn’t great
Depends what you mean by "isn't great". If you've a default then that'll be on your record for 6 yrs and you'll find it extremely difficult getting a mortgage. If you're talking minor stuff then maybe ... depends how minor and what you do about it to resolve it.
All minor stuff really. Mainly not great because of the amount of credit in use. Less than 10k though.
If you're planning on buying anyway within a couple of years or less, do it straight away. Puts more of a clean break into the divorce period and doesn't have you mentally thinking "it'll all be done in six months when I buy again". Might not be the best financially for the pounds and pence, but then buying isn't always either.