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Is it possible

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longforthesun
longforthesun Posts: 699 Forumite
in Mortgages & endowments
my OH and I are likley to get a mortgage? We have several defaults around 2years old.

We have at presnt 15K to put down as a deposit and would be looking to buy for around £115k. If we leave it another 12 months we can increase our deposit by an additional 6k.

OH salary £26000 Mine £13000.

We sold our house last year and are currently in rented and are now thinking of buying again - IF someone will lend to us.

Any one have any thoughts on this?
February 2013 NSD - 4

Comments

  • koexelek
    koexelek Posts: 7,847 Forumite
    Your chances won't be good at the moment.

    Lenders are very unforgiving of any poor credit history at the moment, particularly at above 85% loan to value.

    You might be better to wait a year. You'll have a bigger deposit, and our financial blips will be further back in the past
    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.
  • longforthesun
    longforthesun Posts: 699 Forumite
    Many thanks - thats confirms what I thought.

    Also would anyone know if we would now be classed as 1st time buyers? When I have been looking about at calculators it asks if were remortgaging, moving home or 1st time buyer and I am now not sure what we are.
    February 2013 NSD - 4
  • koexelek
    koexelek Posts: 7,847 Forumite
    Not if you were both a party to the last mortgage. If only one of you was, you could still possibly both qualify for a first time buyer deal... as one of you actually is.

    It really is at the discretion of individual lenders though
    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.
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