50% LTV But Bad Credit

monolulu

Hi,

I have been offered the chance to buy my partners property for 50% of the market value of around £160k. I am in full-time employment earning around £23k per year (been in the job for over 15 years) but had major problems with debt 3 years ago and declared myself bankrupt. Therefore I have a poor credit history and would need a sub-prime mortgage.

The amount I'd need to borrow would only be around £80k.

Can anyone advise on whether it would be worth my while approaching a broker, and if so what interest rate I might have to pay?

Any advice would be most welcome.

Thanks.

luckyfool

Depending on the overall picture you might be as high as around 8% for a 2 or 3 yr deal, but it should be doable.

herbiesjp

Definitely go via a broker, and make sure the whole scenario is affordable - and there are no hidden surprises with the mortgage.

If you have any outstanding debts, it will impact on what you can borrow.

hoggums

I would have thought having a bankrupcy on your file would have meant no mortgage.