FTB - realistically how much deposit would we need?

oneandonlyboy

Sorry,

The reason i said 40% + was for a full mortgage as that was what i was quoted when i was looking at the end of last year.

ClaireLR

Thank you for the advice. I'm going to view the house tomorrow and have an appointment with a mortgage advisor who does whole of market. I'm so excited now!

Thanks again

herbiesjp

Please make sure they disclose all their fees up front to you.

Also, just becuase you have an adverse credit history, does not mean they have to rip you off when charging you fees - so before commiting, post back here about the fees (all too often advisers see adverse mortgages as an easy way to charge excessive fees)

ClaireLR

Thank you Herbiesjp. The Mortgage advisor I'm seeing is attached to the Estate agents, Dixons Countrywide. Do you know much about them? They said their help is free, I'm wondering if that is really the case or if there will be hidden "extras"!

Conrad

Countrywide are the B & Q of the mortgage world.

I dont think any lender will be able to assist you. Shared Ownership schemes are run only by prime lenders as far as I know, and none of those allow Bankcruptcy.

Sorry.

You will need to save for a few years.
I could be wrong - perhaps Ive missed a lender

herbiesjp

There is one lender that could potentially look at this - not sure on any others.

But teh adviser you speak to would be able to help.

And I agree with Conrad about Countrywide

Conrad

Herb, are you sure?

I realise there are max 75% schemes for discharged Bankcrupts, but they dont cater for shared ownership?

First Nat possibly, but thier rep tells me they decline virtually every case. Beacon - no. Leeds no.
The risk is just too high for any lender to fund this - many economists are saying this recession could last 10 years - so which insurer will underwrite such a high risk loan as this?

herbiesjp

Yes

I believe there is a lender that could do this - as I said potentially

As with any mortgage, it would need careful analysis of the facts before a concrete answer could be given, but there is a maybe.

As stated above the rates are high, and the tie ins are very long, so a client would have to be 100% happy with their decision to proceed

Conrad

Aha, I've remembered the lender - it's Cheshire Mortgage Corp, but the rates are about 12% so its unlikely many clients will fit affordability criteria with such high payments.

Given the drive for responsible lending, surely the most suitable advice is to keep saving

herbiesjp

Ah ha

I managed to jog your memory

Good stuff!