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  • FIRST POST
    • Poodle34
    • By Poodle34 2nd Oct 17, 7:35 PM
    • 90Posts
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    Poodle34
    Mortgage likelihood
    • #1
    • 2nd Oct 17, 7:35 PM
    Mortgage likelihood 2nd Oct 17 at 7:35 PM
    Hi,

    No judgement please, but can someone let me know if there is any chance of a successful mortgage application with the following:

    Husband and I ex bankrupts 2009 so no longer on file

    Did ok with rebuilding credit file at first, but both have a couple of defaults 2 years old due to employment issues.

    Joint income of 62k

    Deposit of 30k

    Want to buy a house for 250k

    Any thoughts?

    Thanks in advance
Page 1
    • ACG
    • By ACG 2nd Oct 17, 7:49 PM
    • 15,508 Posts
    • 7,858 Thanks
    ACG
    • #2
    • 2nd Oct 17, 7:49 PM
    • #2
    • 2nd Oct 17, 7:49 PM
    You are probably going to need a 15% deposit.
    You may get it through with less but I think the combination of both lots of adverse is probably going to be an issue.

    Rates could be high street, but I think more than likely around the 5-6% mark.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Poodle34
    • By Poodle34 2nd Oct 17, 8:46 PM
    • 90 Posts
    • 53 Thanks
    Poodle34
    • #3
    • 2nd Oct 17, 8:46 PM
    • #3
    • 2nd Oct 17, 8:46 PM
    Thanks, forgot to also mention that husband is now 51. Do you think this will cause a problem. I am 7 years younger.
    • Thrugelmir
    • By Thrugelmir 2nd Oct 17, 8:56 PM
    • 55,544 Posts
    • 48,892 Thanks
    Thrugelmir
    • #4
    • 2nd Oct 17, 8:56 PM
    • #4
    • 2nd Oct 17, 8:56 PM
    Did ok with rebuilding credit file at first, but both have a couple of defaults 2 years old due to employment issues.
    Originally posted by Poodle34
    Said non judgementally. Hopefully now you've learnt the lesson. Rebuilding ones credit history doesn't require one to take on unaffordable levels of debt. Simply managing access to credit facilities in a proper manner will suffice.

    The issue with age is the term over which a lender will advance the money. As mortgage terms that run into retirement years will need to funded somehow. Simply saying that you will continue working may not suffice.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • Poodle34
    • By Poodle34 2nd Oct 17, 9:13 PM
    • 90 Posts
    • 53 Thanks
    Poodle34
    • #5
    • 2nd Oct 17, 9:13 PM
    • #5
    • 2nd Oct 17, 9:13 PM
    Lesson learnt and as I said, only reason for subsequent defaults was due to employment issues. They were for very small amounts which makes it all the more frustrating.
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