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Complicated First Time Buyer
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firsttimebuyer1978
Posts: 1 Newbie
Hi
I would appreciate any help people can offer. I am looking at buying my first house with my wife. We have secure (Well as secure as anybodies job is) job, earn a joint salary of £65,000 a year until recently had no debts (we now pay £500 a month for a car) and have a deposit of £20,000. Due to other circumstances once our accommodation and bill has been deducted we are left with about £3200 a month.
Here is the catch i have a default against my name. It will be removed in Sep 2012. We have applied for a mortgage in principle with HSBC (Our bank and who we hold all our saving with) and they flatly refused.
I have been to a broker who said we will need a minimum of 20% deposit. What i am after is a mortgage with a 10% which may have a higher interest rate, which once the default has been removed i presume will make it easier to get a mortgage.
Any advice on this matter would be great. many thanks for your time.
I would appreciate any help people can offer. I am looking at buying my first house with my wife. We have secure (Well as secure as anybodies job is) job, earn a joint salary of £65,000 a year until recently had no debts (we now pay £500 a month for a car) and have a deposit of £20,000. Due to other circumstances once our accommodation and bill has been deducted we are left with about £3200 a month.
Here is the catch i have a default against my name. It will be removed in Sep 2012. We have applied for a mortgage in principle with HSBC (Our bank and who we hold all our saving with) and they flatly refused.
I have been to a broker who said we will need a minimum of 20% deposit. What i am after is a mortgage with a 10% which may have a higher interest rate, which once the default has been removed i presume will make it easier to get a mortgage.
Any advice on this matter would be great. many thanks for your time.
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Comments
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Save like mad over the next 12 months - you should be able to boost your deposit by at least £10K."You were only supposed to blow the bl**dy doors off!!"0
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firsttimebuyer1978 wrote: »I have been to a broker who said we will need a minimum of 20% deposit. What i am after is a mortgage with a 10% which may have a higher interest rate, which once the default has been removed i presume will make it easier to get a mortgage.
Will have a higher interest rate, rather than may. As there are lenders out there in the market.
Do you want to pay a high rate of interest for a year or so? Rather than continue to build your deposit and let the default lapse.0 -
Surely more than 10k should be possible maninthestreet? At least 15k I'd say!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
If the only blemish is a default which is old then there could well be a 90% product for you.
There is a lender who will allow adverse credit as long as historical and offer 90% mortgages. Limited funding though so you should speak to a broker asap.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 am in the process of getting a mortgage with a worse credit situation than yourselves.0
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