Mortgage help for First time buyer

daryl_1875

Hello all,

This is my first post on this forum so i'm hoping someone can help.
I am trying to purchase a house at the moment for £175K, my deposit will be 35K so need a mortgage of £140K.
Problem is i have a black mark on my name going back around 5 and a half years (a debt of 2K) but this is now all paid off (last payment was made last month)
Me and my girl freind have been turned down by our respective banks and so went to a mortgage broker.
We thought all was sorted but today i'm not getting a good vibe from him. we have a joint income of 44K (basic salary) i also get commision.
Does anyone know the best place for me to try going on the above info? i have read on various web sites that nearly everone can get a mortgage, even with bad credit, is this the case? if so what % interest would we be looking at?
I appreciate if anyone could help me on this.
Been a very stressful day after i thought everything had been sorted thanks in advance

Daryl

USM

If it's a default you have, these drop off after 6 years so you may want to postpone the house hunt 6 months.

daryl_1875

Thanks but we have seen a house we love now, i don't think it will still be there in 6 months...

USM

So you're prepared to pay way over the odds for 25 years to save 6 months... ok.

daryl_1875

Well this is what i was trying to find out, how much more would we be paying? are we talking £50 a month, or £200 a month!!

SilverSix

Providing the vendor accepted your offer there's nothing to say they're in an immediate rush or even have found a property them self? You may well find it could take several months anyhow so if you can delay applying for a mortgage for 6 months you might be on to a winner.

If they are in a rush maybe you could persuade them to hold on by paying some of their fees or giving them a higher offer etc. There will be other houses.

daryl_1875

No there is no upward chain, not many houses come up in the area we are looking at so would hate to lose this one. Can any one recommend any good 'bad credit mortgage brokers'? And an idea of interest rates we'd be looking at. Thanks again.

Wh05apk

daryl_1875 wrote: »

i have read on various web sites that nearly everone can get a mortgage, even with bad credit, is this the case? l

Not for the last 3 years! sub-prime lenders have all but disapeared.

Income and LTV are ok, how big was the "black mark" and what was it? a CCJ/default?

It could be do-able with high street lenders, what has your broker said?

daryl_1875

Thanks for your reply Wh05apk.
It was a default i believe, i was then paying a debt management company on a monthly basis.
My mortgage broker called me yesterday afternoon to say Abbey had requested details from the debt management company to say when the debt had been cleared and what the amount was for.
He was concerened because he said they didnt request this last time we applied (basically our first house fell through and we have since found a cheaper house so we had to re-apply)
Am i worrying for nothing or are Abbey about to turn us down?
I've been worried sick all night and just want to get this sorted now.

Wh05apk

I think you would be best to wait, it may take a few days unfortunately, but if everything else stacks up ok, you could be ok.

daryl_1875

OK cool, thanks again Wh05apk.
I hope so, just going to be a worrying few days!