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Will we be able to get a mortgage?
Gwenllian111
Posts: 18 Forumite
I am a 28 year old housewife from South Wales, my husband is a secondary school teacher, and we have two young children with another on the way. In 2006, we were both declared bankrupt, and we were discharged withing 6 months.
I have recently had a considerable windfall, and wonder if we approached a mortgage company with a sizable deposit, if we would be offered a mortgage, considering the current economic climate? We currently live in a council house, but are keen to buy privately if we can.
Our previous lender were Kensington Mortgages, and this was before we were declared bankrupt.
Thanks for any advice.
I have recently had a considerable windfall, and wonder if we approached a mortgage company with a sizable deposit, if we would be offered a mortgage, considering the current economic climate? We currently live in a council house, but are keen to buy privately if we can.
Our previous lender were Kensington Mortgages, and this was before we were declared bankrupt.
Thanks for any advice.
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Comments
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Gwenllian111 wrote: »In 2006, we were both declared bankrupt, and we were discharged withing 6 months.
I have recently had a considerable windfall, and wonder if we approached a mortgage company with a sizable deposit, if we would be offered a mortgage.
Sizable ..... How much?
discharged withing 6 months. How Come ?
What price range for buying a house?
...............................I have put my clock back....... Kcolc ym0 -
Why give up the security of a council house (which you should be grateful you got), to throw money at a depreciating asset when you've already demonstrated that budgetting wasn't your strong point and you have another kid on the way ....?
Are you mad?0 -
Deposit of £100,000. Looking to get a mortgage of around £180 000.
Thanks0 -
PasturesNew wrote: »when you've already demonstrated that budgetting wasn't your strong point and you have another kid on the way ....?
Are you mad?
I'm not entirely sure how this is relevant to my question, but I was taken seriously ill and could no longer work, which is why we went down the route we did.
:rolleyes:0 -
Get firefox and instal property bee. Then browse in your preferred area to buy. Make sure you're working in a bee and you'll see what is happening to house prices in your area.0
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Gwenllian111 wrote: »Deposit of £100,000. Looking to get a mortgage of around £180 000.
Thanks
why not pay back the money that people lost when you went bankrupt.0 -
Gwenllian111 wrote: »Deposit of £100,000. Looking to get a mortgage of around £180 000.
Thanks
What income multipals are they doing these days? for 180K on 3.5 times your husband needs to earning over 50K, so unless he is in senoir managment in a school? its a no go.0 -
How convienient to get a windfall just after going bankrupt.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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What income multipals are they doing these days? for 180K on 3.5 times your husband needs to earning over 50K, so unless he is in senoir managment in a school? its a no go.
Just by checking out the woolwich website a salary of 16k would be enough for a 80k mortgage with monthly payments of £210.29 - £332.85 over a 25 year period or £447.93 - £552.14 over a 10 year period - as long as the whole 100k is used a a deposit.Cashback Earnt so far in 2009: AMEX £133.93, wepromiseto.co.uk £67.07, Barclaycard £25, MobilePhoneExchange: £28. TOTAL: £254.000 -
bitterSTAR wrote: »Just by checking out the woolwich website a salary of 16k would be enough for a 80k mortgage with monthly payments of £210.29 - £332.85 over a 25 year period or £447.93 - £552.14 over a 10 year period - as long as the whole 100k is used a a deposit.
They want a house that is 280k total though with the 100k as a deposit by the look of itDeposit of £100,000. Looking to get a mortgage of around £180 000.It's not easy having a good time. Even smiling makes my face ache.0
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