F & F Settlements - then getting a mortgage

Victoria270385_2

Hi all,

Im in the process of sorting F & F settlements with my creditors by hubby getting a loan, we will pay this off in 2 years whilst savings for a deposit for a house via my 2nd job. The lady i spoke to at Tritent who act for Natwest said that if a default is lodged to get the full amount and then accept a settlement, it will stop me getting a mortgage for 6 years. Is this correct or will i just find it hard to get a mortgage. Hubby can get one in his own name no problem at 5 x wage but its right at the lower end of what we would want/need for a half decent house in our location....£90k is what he could get...we would need prob £100k min, plus not all banks lend 5 x. We can easily afford the mortgage payments on 100k between us so thats not a problem, its just whether i can be taking into consideration at all with my bad credit.

Any help/advice would be greatly appreciated.

Thanks

Victoria

HappyMJ

If your hubby can buy the house is his own name with his own income multiples then your credit does not need to be taken into account at all. Otherwise you'll need to wait 6 years.

Victoria270385_2

so its definately a case of i cannot get a mortgage at all....thats fine, we will just find something cheap....its a first house afterall, its got to be better than what we are renting at the moment

thanks x

Victoria270385_2

i think im gonna ask a really stupid question here, but here goes.

If a house is worth £95,000....and say we have £15,000 deposit, do we still need a £95,000 mortgage but the £15,000 is used as a lump sum payment of the mortgage straight away or do we just need £80,000 mortgage?

Thanks

GAH

Yes you will only require an £80,000 mortgage