Help to find a mortgage

caroline233

We moved out of our old house 2 years ago and have been renting until our old house is finally sold. We have agreed to buy the house we've been renting. However, although although we've never had any mortgage arrears and only have a 35k mortgage, my husband has a cahoot card which is used by his business and which the book keeper has forgotten to pay several times this year. Everything else in our credit file is absolutely fine but this is stopping us getting a mortgage. We need a total of 90k for the new house, against a value of 495,000. Ideally we wanted to keep the 35k currently outstanding on repayment for the next 5 years until it's paid off and the remainder on interest only, followed by repayment of the last 55k. Any ideas anyone? We had got to the end of the process with the Abbey, only to have it snatched away at the last moment. Luckily we're not in a chain and whilst our house sale is due to complete within the next couple of weeks the purchase can rumble on a bit longer. However, the vendors are bound to get impatient before long so we need to sort it out asap, not least because the next lot of rent is due on the 19th!

We've asked a broker to look for a mortgage for us but she's drawn a blank everywhere due to the cahoot credit history. Any suggestions anyone please?

herbiesjp

I think you should print off an up to date copy of your credit file and get a second opinion with another whole of market mortgage adviser.

At that loan to value you should get a mortgage agreed, but it would appear your broker does not access to those deals otherwise she would have now tried to place you with them

A £90k mortgage againt a value of £495k is under 20% borrowing, and should be relatively easy to place, even if not with a high street lender

luckyfool

I would second herbiesjp's suggestion. If that is the only adverse credit that could be placed quite easily, worst case scenario with a credit repair/sub prime lender at marginally more expensive rates such as Beacon. Given that Beacon have closed their panel due to limited funding this could be the reason your broker can't use them or doesnt have them on the panel. Alternatively their network could be stopping them from using specialist lenders, or they could be working at an estate agent from a limited panel of lenders.

Try a good whole of market broker.

Mrs_Bumble

Me 3! Get your credit report printed off and find yourself a good whole of market broker!