help needed

wills7

I've currently put in an offer to buy a flat (i'm a first time buyer) i have a 10% deposit and need to borrow £140,000. The building society i went to said they could lend me up to £127,000 until they looked at my credit file which has few defaults which are currently being paid off. Once they saw these they said they would offer £106,000, however this is no way near enough and i was wondering if anyone knew where i could get a better deal than this. I currently earn £30,000 a year if that helps??

MortgageMamma

You need to see a whole of marker mortgage broker who can assess your situation and work out the best mortgage for you. The amount you wish to pay for the flat is doable on your salary but the broker would need to take your existing credit committments and credit rating into account before coming to a final figure you can borrow and selecting a lender that can advance you that amount.

I would recommend if you do not want to lose the flat that you act quickly and get this sorted asap, if you have any questions please ask and I will try my best to help

MM

MortgageMamma

Ps if you dont know, a whole of market mortgage broker is someone who can get you a mortgage from any lender on the UK marketplace and who is not tied to any particular company. Be wary of using estate agent brokers, as there can often be a conflict of interest there.

wills7

Thanks for that.. my father will act as gurantoor for the whole lot or the shortfall if that'll help? Excuse my ignorance i know nothing about mortgages!!

herbiesjp

When you say a few defaults:

How many?
What are the amounts?

wills7

about 3000 BUT it has been cleared up with the bank and they're happy for me to pay it back at a rate i can afford

MortgageMamma

Thats good to know you have the backing of your father, it should help a lot. the next step is to instruct a good whole of market broker to take a look at your income, circumstances and credit record. Once that has been achieved he/she should be able to present you with a suitable mortgage and you can get cracking with it.

MM

MortgageMamma

It is important that the date of the defaults and the amount and the date paid is known as this will help determine the level of mortgage you should be on. please do not disclose that information on here as its highly personal and a lot of people read the posts on this site.