Ftb: 50% deposit, poor credit.

iPhoto

Cheers guys, and your right RE the kick in the backside. The accounts have a wee bit of history, some of it previous to our increase in earnings and my business taking off. I really should have thought about the implications of ignoring bills / my credit rating a while back - I honestly thought with a certain level of income, it would not matter. How wrong!?

I have been told by our broker that there is only ONE lender in the UK who will consider a FTB with defaults, regardless of LTV etc. It looks like we may need to either discuss a longer entry date with the present owners, OR let their house go to someone else, and when ours sells, buy outright....

I still find it a TINY bit strange, I mean - the house is valued at £180,000, we have £75,00 they are selling for £146,500.....there is absolutely ZERO risk to the bank here.

G.

iPhoto

VT82 wrote: »

I think you'll get a mortgage from someone at under 50% LTV if the building is of a standard construction, with a fair credit score and no CCjs. What do you mean when you say she earns '£80K from (your) company' though? I take it this doesn't mean she has payslips?

I transferred ownership of my company to my wife. I still call it my company, despite it now being hers

Thrugelmir

iPhoto wrote: »

Cheers guys, and your right RE the kick in the backside. The accounts have a wee bit of history, some of it previous to our increase in earnings and my business taking off. I really should have thought about the implications of ignoring bills / my credit rating a while back - I honestly thought with a certain level of income, it would not matter. How wrong!?

I have been told by our broker that there is only ONE lender in the UK who will consider a FTB with defaults, regardless of LTV etc. It looks like we may need to either discuss a longer entry date with the present owners, OR let their house go to someone else, and when ours sells, buy outright....

I still find it a TINY bit strange, I mean - the house is valued at £180,000, we have £75,00 they are selling for £146,500.....there is absolutely ZERO risk to the bank here.

G.

You are answering your own question. Banks don't just lend on security alone. They are assessing you as an individual and whether you meet their criteria as a customer. Banks have no problem lending the money they have available in the current market. So saying no is absolutely no loss to them.