subprime mortgage

smnb08

hi guys.
i know subprime mortgages are very rare at the moment but just wondered if there are any lenders that would allow past credit problems.
have 5 defaults and 1 ccj all registered in 2007.
when i need to apply for a mortgage 3 years will have past since the credit problems and we have no other debt only the mortgage which is paid on time.
we need 75% ltv and need to borrow about 3.5 x joint income.
does this look possible or do we need to wait longer?

Conrad

There's a fair chance one of the smaller lenders might do this at rates circa 4%.

Cheers

smnb08

Conrad wrote: »

There's a fair chance one of the smaller lenders might do this at rates circa 4%.

Cheers

wow great!
so its worth contacting a broker to see what they can do then.
i just thought i would have no chance and be stuck with current lender.

VIGILANT22

post back here when you get an offer at 4%

smnb08

oh i see it was joke.
not very fair or funny really!

VIGILANT22

smnb08 wrote: »

oh i see it was joke.
not very fair or funny really!

No, I dont think anyone was joking.

smnb08

VIGILANT22 wrote: »

post back here when you get an offer at 4%

if it wasnt a joke what did this comment mean?

VIGILANT22

it means after asking for help with " 5 defaults and 1 ccj" .....if and when you obtain a remortgage at 4%..can you pls post back and update the board...people are always interested to know how other have gone on...I personally think you will have a struggle on your hands...however on occassions like this I have no problem being proved wrong...as it would mean you had benefited

smnb08

im sure i will have a struggle to get a mortgage at 4% but i didnt come on here asking "where can i get a mortgage for 4% with 5 defaults and 1 ccj" i dont expect to get a rate anywhere near that.
tbh i would take conrads comments more seriously than your own anyway since he trys to help people on here where as you seem to like adding pointless comments.
i was really after a bit of confidence to approach a broker which is what i found for a short time untill i read your post.

herbiesjp

The LTV is in your favour.

You may have one or two options, especially as income multiple are not excessive.

Are you First Time Buyers?

smnb08

herbiesjp wrote: »

The LTV is in your favour.

You may have one or two options, especially as income multiple are not excessive.

Are you First Time Buyers?

no we have a mortgage at the moment the reason i want a new one is i am desperate to move.
we could wait for the credit problems to dissapear if we have to but if there is anyway i can move i would rather not wait.