We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mortgage with defaults

Mortgagewoes_2
Mortgagewoes_2 Posts: 5 Forumite
in Mortgages & endowments
Help help help please!

I am trying to get a mortgage to buy a house off a relative. The house is valued at £245k I need a mortgage of £150k to buy it and would like an extra £10k to pay off debts which I have defaulted on. I've tried the specialist brokers but it seems very slow. My defaults where 3yeArs ago and by paying them off would actually give me more money each month! Please can anyone help or is there anybody who knows a super mortgage brokeer!

Thanks

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    When you say you've 'tried' brokers, what has happened exactly?
  • King_Of_Bling
    King_Of_Bling Posts: 279 Forumite
    Mortgagewoes wrote: »
    Help help help please!

    I am trying to get a mortgage to buy a house off a relative. The house is valued at £245k I need a mortgage of £150k to buy it

    Where's the other £95k coming from?
  • Mortgagewoes_2
    Mortgagewoes_2 Posts: 5 Forumite
    Hi there, I am being gifted the other £95k from relative but they don't know about defaults and don't have he £95k in cash i am buying the house at a reduced price. One broker who I have spoke to responds very quickly saying all I could get was£97k didn't seem to put any work in have sent off another application form to baker finance who deal with adverse credit mortgages but am waiting to hear back
  • kingstreet
    kingstreet Posts: 39,316 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Mortgagewoes wrote: »
    Hi there, I am being gifted the other £95k from relative but they don't know about defaults and don't have he £95k in cash i am buying the house at a reduced price. One broker who I have spoke to responds very quickly saying all I could get was£97k didn't seem to put any work in have sent off another application form to baker finance who deal with adverse credit mortgages but am waiting to hear back
    Perhaps you'd better tell us about your income and other credit commitments, maintenance etc.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    kingstreet wrote: »
    Perhaps you'd better tell us about your income and other credit commitments, maintenance etc.

    See OP's other/duplicate thread
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    Don't think this is going to happen.
    "We want the finest wines available to humanity, we want them here, and we want them now!"
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.8K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture