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Missed mortgage payments
craige73
Posts: 2 Newbie
Hi,
Is it possible for me to get a new 90% mortgage for a house I'm looking to buy ( my house is currently under offer ) even though I have 2 missed mortgage payments recently - which have now both been paid and I'm back on track?
An advisor told me today that I will have to rent and look to buy again in 12 months time.
Is this good advice?
Is it possible for me to get a new 90% mortgage for a house I'm looking to buy ( my house is currently under offer ) even though I have 2 missed mortgage payments recently - which have now both been paid and I'm back on track?
An advisor told me today that I will have to rent and look to buy again in 12 months time.
Is this good advice?
0
Comments
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Recent mortgage arrears are a big black mark on your credit rating. 90% LTV is the highest LTV you can get at the moment. Put the two together and you can see that lenders are reluctant to lend to you. With falling house prices there is a high risk of falling into negative equity. Recent mortgage arrears indicate a risk that you may fall behind again. Should the lender have to repossess, there is a reasonable chance the sale price won't cover the mortgage.
Even if you could find a sub-prime lender willing to lend to you, the rates would be high.
With falling house prices there is no harm in renting for a while.I'm a Forum Ambassador on the housing, mortgages & student 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 -
Hi,
Is it possible for me to get a new 90% mortgage for a house I'm looking to buy ( my house is currently under offer ) even though I have 2 missed mortgage payments recently - which have now both been paid and I'm back on track?
An advisor told me today that I will have to rent and look to buy again in 12 months time.
Is this good advice?
With 2 missed payments you have no chance of getting a 90% LTV mortgage.0 -
An advisor told me today that I will have to rent and look to buy again in 12 months time.
Is this good advice?
If you have to move, I don't think you have any choiceI am a Mortgage adviserYou 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.0 -
Thanks for repsonse's. You confirmed what I didn't really want to hear !! Hopefully we'll all make it through these tough times.0
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