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Do You Think We Will Get A Mortgage

Hi Everyone

Thanks for reading this.

My Husband and I are about to try and get a mortgage, We have had alot of money worries in the past we have been debt free for over 2 years now, But our last home was nearly repossesed 4 times ( due to a very ill child spending 18 months in hospital and me having to give up work) but each time me managed to repay the arrears to stop the action. We sold our home 2 years ago for a fairly large profit. We then moved to a new area due to my husband job, We have rented a home for £725.00 per months for 2 years we would now like to buy again, We have a £110,000.00 ( House Profit & Interitance )deposit and would need a £80,000.00 to buy our dream home it would workout a lot cheaper than renting we have a joint annual income of £37000.00.

sorry to ramble on it's just i am so scared of applying for a mortgage to get knocked back.

Comments

  • Don't worry about rambling it's a great question, and much more succinct than many!!

    In a word yes, I do think you will get a mortgage. Exactly from who will depend on what your credit file looks like. Sign up for the freebie on experian (credit expert) and get a copy of your credit report.

    Take this to a quality whole of market broker who will be able to go through your options with you. You might want to do your own research also but avoid getting credit searches done by banks as this will affect your score elsewhere.
    Happily an ex mortgage broker!
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    With that kind of deposit you will get a mortgage

    As to who from, and what rate, is the mystery.

    Definitely get up to date copies of your credit files, as there may even be mistakes on there that need amending.

    Make sure you are on the electoral roll, to increase your score with lenders, and improve your chances of a better deal
    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.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    A mortgage is nprobably available, but the underwriters may well want to see the last 12 - 24 months worth of statements on your old mortgage, even though it was repaid.

    The cheapest lender for this in rate terms is likely to be Beacon. They will need at least 4 weeks to give you a final answer, ergo an offer, and usualy longer so try not to get stressed as some posters on here do - in other words expect it to take time from outset. You will need a house and a valuation done before they give you an offer.

    You can obtain an agreement in principle quickly, but again many posters here get confused as to the exact nature on an AIP, which is essentialy just an indication they are happy to accept an application FOR FULL UNDERWRITING.
  • Good point - lenders are taking their time even with "clean" cases, so they are going to be extra careful with cases that include adverse credit
    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.
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