A new mortgage

Bassplayer

Hi everyone

I haven't been on for a while, after going BR last May (2009) and then getting early discharge in Feb (2010) every thing's been a bit of a blur just trying to make enough to live on etc etc.

It's great to see so many names on here I recognise giving support and advice still, I can't tell you how much I valued it a while ago.

Anyway, in the New Year, probably around spring time, I'd like to start thinking about getting back out of renting and into a place of my own.
I'll be a couple of years away from having gone BR then, which I know isn't much! Also, my earnings have been on a steady upward curve, which I hope might help any mortgage application I make.

I just wondered did any of you guys know where I might start for a mortgage? Perhaps a IFA or someone who specialises in, er, difficult cases? It's ok, I know my quest isn't going to be easy but any advice you can give would be gratefully rec'd.

Thanks all!

Bassplayer

philnicandamy

it'll not be easy & you'll need a pretty hefty deposit

contact a few local brokers see what they suggest

neas

Its difficult for anyone without a squeaky clean credit history to get a mortgage with a 90% mortgage....

Most likely you will need a 25% deposit when you come to buying a house. Recommendation would be to understand 'home ownership' is probably more than 2 years away unless you can get 25% by then, while it sounds like you just making ends meat etc.

I'd recommend trying to rebuild your credit rating at some point cause at the moment your a 'if i lend money to last time she reneged on the deal' customer where instead of making money from you the companies made a loss.

There no incentive for them to lend you money.. so you need to work proving you are a good person to lend to (hence why you need big deposit so they have less risk and the improved credit rating to prove you can borrow and repay debt).

fiveyearplan

I would recommend cleaning up your credit file first. In this financial climate it will be difficult to get a mortgage within 3 years of bankruptcy and then like everyone else you will need a big deposit. If you had a property repossessed then it will probably be even more difficult.

Pammybun

Hi,

Well we got our discharge afte our three year sentence (last opf the three year BR's) in May and have made several enquiries re mortgages.

Basically, having spoken to about 6 different brokers we have been told that we need a 30% deposit and will be paying a higher level of interest. The recommendation is we do that for a couple of years and can then change to a better interest rate.

There was one guy who said he could get us shared ownership but the rest all said that was a non starter because there is currently only lender for that and they will only consider good credit.

We have been saving like mad since May and hopefully, fingers and toes crossed, may have a 30% deposit for a wee flat by next March.

Pam

neas

or do what i did ... sae 30% for a 2-3 bedroom house.