help and advice on getting a mortgage

morgan78_2

Hiya

looking to move house our situation is

current house worth £125000 mortgage at the moment £60000 outstanding, property want to move to is £200000

3 and half years me and wife had 5 defaults for £12000, £2300, £1800, £8500 and £4500

I have just settled the lst one off now

I currently earn £40000 and wife earns £10000 per annum

just woundering if we had any chance of getting a mortgage

thanks

GMS

You would be lucky to get a high street mortgage with those defaults. Have you missed any payments on your current mortgage in last 3 years?

Who is your current mortgage with?

morgan78_2

hiya current mortgage with natwest never missed a payment in 8 years had an house

GMS

There is a possibility of a mortgage with a specialist lender but you would need to speak to a 'Whole of Market' broker as they are not available direct to consumer. You could try speaking to Natwest to see if they would consider it but if you were a new customer it wouldmost likely be a decline due to the defaults. As an existing customer you may have more chance.

The defaults would be ok with a couple of lenders, subject to everything else being acceptable.

morgan78_2

hiya thanks for reply if i approach natwest though and they do a credit search which they obviously will and see that I have bad credit will they then say i cant have my current mortgage

GMS

You could speak to them and tell them the exact situation. That way you would know if it is something they would consider. If they do a credit search they will find the adverse credit so no point in not mentioning it.

There are lenders who allow defaults so all is not lost. It all depends on rate and what you are comfortable with.

Be sure any broker you speak to is 'Whole of Market' or you may not get access to the specialist lenders you may need.

herbiesjp

How much of a mortgage will you need on the £200k property?

morgan78_2

will need approx £140000 im just worried about natwest and they do a credit search and see my credit rating and then say i cant even have the current mortgage i am on

herbiesjp

You will be fine with the mortgage you have.

However before running any credit checks with them, disclose EVERYTHING to them beforehand.

There is no point in wasting a credit search if you fall outside of criteria straight away.

There are other specialist lenders that could potentially look at your application should NatWest decline.

luckyfool

I think your chances with a high street lender are extremely slim indeed due to the size of the defaults. Having said that, with a 30% deposit there are a couple of specialist lenders that will do it at a slight premium over high street rates.

morgan78_2

thanks for all your replies really appreciate that what is the best way to finding a whole of the market broker I am in the west midlands