mortgages and bad credit

herbiesjp

If they are true whole of market it means that they will research all lenders in the market, even those that only deal direct with customers.

Now the majority of these i.e. HSBC et al will not agree your mortgage, but other specialist lenders may well do - but if your broker is not whole of market and does not have access to these specialist lenders, they would not be able to recommend a mortgage to you.

pinknfluffy0

what is LTV? you said I had 60% of it, I though it meant the ammount you were borrowing not the amount of the deposit

LandyAndy

pinknfluffy0 wrote: »

My husband and I got ourselves in to 40k of bad debt. We have just finished paying it all off, we didnt go bankrupt or use an IVA. We would now like to buy a home. We have 95k depostit and the house we want is on the market for 160k. We have spoken to HSBC who turned us down. Our income is about 30k a year.

I dont want to keep getting turned down as I know that makes your credit worse, I am unsure of what action to take.

Given that you've apparently managed to find £135k in fairly short order why not just save the rest?

pinknfluffy0

The getting out of debt took years to do the deposit is in a trust fund that I have been left

joolley

herbiesjp wrote: »

You are looking for a £65k mortgage which would mean 60%LTV

Erm...40% LTV.

Loan to Value. You have 95K. You will need 65K. That is 65/160 = 40%. The higher the loan to value the greater the risk to the bank. I'm going to be honest, if you have a history of debt, which you have been very good to clear, you'd probably want to know as much as possible about any new debt. LTV is basic stuff. Credit files too. Coming here is a start, mind.

I'll also say this, you've done brilliantly so far. Gen up as much as you can and see a whole of market mortgage adviser.

herbiesjp

You are indeed correct. Good spot on the typo.

thanks

joolley

I'll be generous and agree it was a typo!

jooll

PS: I am kidding. Gosh knows it gets serious on here sometimes.