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My newbie mortgage questions (post 38 onwards)

24

Comments

  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    marking_bad wrote: »
    I don't do anything illegal, don't be so horrid. What would be the point in paying off the debt in full, might as well pay in installments (it doesnt have interest) because i've already had damage on my credit file?

    If I got a job, how long would I have to be in the job for the lender to think I was in it for the long term. Then quit the job when I have the mortgage and carry on as normal. Or would that be fraud? Or bring up problems later on?

    Thought you had a nice income?

    What legal way are you earning but still unemployed?

    And a SATISFIED default looks a lot better than UNSATISFIED.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    marking_bad wrote: »
    I don't do anything illegal, don't be so horrid. What would be the point in paying off the debt in full, might as well pay in installments (it doesnt have interest) because i've already had damage on my credit file?

    If I got a job, how long would I have to be in the job for the lender to think I was in it for the long term. Then quit the job when I have the mortgage and carry on as normal. Or would that be fraud? Or bring up problems later on?

    The point in paying it off would be in cutting down on the number of years it'll be on your credit file.

    You'd need to be out of any probationary period in your job, and would still have this default on your file - not sure what problems that would cause with an LTV of 50%. I suppose it would depend on the salary multiple?

    As for problems later on - you wouldn't be able to change lender if you had no salary so would be stuck with whatever your present lender offered you. This may or may not be a problem.
  • mutron_2
    mutron_2 Posts: 100 Forumite
    herbiesjp wrote: »
    If you have an income, you can get a mortgage even with the default.

    You'll be very hard pushed to back that up. I had an default with T-Mobile that prevented me getting a mortgage but it's removed now and I immediately got an AIP with Halifax.
    Wutang wrote: »
    And a SATISFIED default looks a lot better than UNSATISFIED.

    Again, see above. I had settled but it was still regarded as a default despite suitability etc
    T-Mobile Default - Default removed thanks to CISAS intervention!
    Magic Loans / Nemo Personal Finance PPI - Awaiting FSCS decision
    Paragon Personal Finance PPI - Awaiting FOS
  • marking_bad
    marking_bad Posts: 512 Forumite
    mutron wrote: »
    You'll be very hard pushed to back that up. I had an default with T-Mobile that prevented me getting a mortgage but it's removed now and I immediately got an AIP with Halifax.

    Did you ask for a mortgage with a LTV of 50% though?

    Do they even give out mortgages like that, silly example, i want to buy a house for 100k, only have 97k, can you take out a mortgage for 3k? Obv ridiculous and better solutions out there, but would they lend?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    mutron wrote: »
    You'll be very hard pushed to back that up. I had an default with T-Mobile that prevented me getting a mortgage but it's removed now and I immediately got an AIP with Halifax.


    It is easy to back up - there are lenders out there that will look at defaults - but as stated in the post it depends on the overall scenario.

    Thanks
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    marking_bad wrote: »
    Did you ask for a mortgage with a LTV of 50% though?

    Do they even give out mortgages like that, silly example, i want to buy a house for 100k, only have 97k, can you take out a mortgage for 3k? Obv ridiculous and better solutions out there, but would they lend?

    Lenders have minimum amounts they'd lend - they wouldn't do a 3k mortgage. I think it is usually about £25k, though I think I read that HSBC was 10k
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    marking_bad wrote: »
    Did you ask for a mortgage with a LTV of 50% though?

    Do they even give out mortgages like that, silly example, i want to buy a house for 100k, only have 97k, can you take out a mortgage for 3k? Obv ridiculous and better solutions out there, but would they lend?

    Can't quite understand why you cannot post any of the figures.

    It's like going to the doctor and saying something is wrong, and hoping they will find out what, without giving an information
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • marking_bad
    marking_bad Posts: 512 Forumite
    120k house

    70k deposit
    50k loan over 10 years

    so erm... ltv 42% ish
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What is your gross annual income from your employment?

    How much was the default for?
    When was it registered?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • marking_bad
    marking_bad Posts: 512 Forumite
    I don't technically have employment, that's the problem. If I got a job, it'd be for min wage.
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