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50% LTV But Bad Credit
monolulu
Posts: 1 Newbie
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.
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.
0
Comments
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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.0
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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.I am a Mortgage AdviserYou 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.0 -
I would have thought having a bankrupcy on your file would have meant no mortgage.0
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