Mortgage question?

Sus13

Hi,

We've had an offer accepted on a property today. The property is valued at £159950. The vendor has agreed to pay 5% deposit and we will pay 10% leaving us requiring a mortgage of £135957 (85% LTV)

My Husband earns £27502 & I earn £19828. We currently live in rented accomodation.

Back at the end of 05/06 my husband had some problems with his job and we got into some money troubles. We sold our house and cleared all our debts and now owe nothing to anyone.

My husband had a ccj on his file that was settled a month after been issued at the end of 05. We've spoke briefly this afternoon to a mortgage advisor who firstly told us that there is only the Halifax out there who will accept the 5% deposit off a vendor and treat the mortgage as 85% ltv. and secondly with Halifax been a high street lender will we stand a chance with the old ccj?

The advisor is ringing us back tomorrow to see if we want him to proceed with the application with the Halifax.

Any advice will be appreciated.

whatyadoinsucka

how much deposit do you have after fees and stamp etc, I'm guessing you haven't got the 10% if the seller just knocked his price down by the 5%. would the seller knock it off the asking price

Sus13

Yes have 10% deposit and enough for stamp duty and legal fees in our savings. The vendor agreed to pay 5% so we could go to lenders and ask for a 85% LTV instead of 90%.

We thought this would improve our chances.

Sus13

Bump.

Can anbody help?

GMS

The usual answer from Halifax when referring adverse credit is 'try a decision in principle and see'

If you have spoken to an adviser who has offered to help then why not let them?

Sus13

GMS wrote: »

The usual answer from Halifax when referring adverse credit is 'try a decision in principle and see'

If you have spoken to an adviser who has offered to help then why not let them?

Thanks

It was more a question of in people's experience are Halifax the only lender who will look at the vendor paying 5% deposit on top of the 10% that were putting down as a 15% deposit?

GMS

They will look at that scenario but you need to pass credit scoring first. This is your main problem