Ftb defaults 80% ltv

billybear1

Hello All,

After speaking with my mortgage broker I am confident that once my defaults reach a 2 year period (I have 4 from a VERY stupid spell at uni and a £47 phone bill I forgot to pay!) that I will be able to get a mortgage. I have around £30k gifted deposit looking to buy a £150,000 house.

My question is am I going to be able to find an even remotely competitive mortgage? Me and my fiance' have a combined income of £36k (as my fiance' is training to become a teacher) so can afford to pay the 6% interest fee's quoted but obviously a 4% option would be preferable.

Will any mainstream lenders look at this? Are there any high risk lenders that come close to 4%?

Cheers for your help.

BB

Thrugelmir

Increase your deposit by saving. If you could reach 75% LTV then this would enable you to access better rates.

billybear1

Thank you for that, I think that within the time frame we hope to move in by we will only be able to reach that 30k mark, simply because we are getting married later next year and all other savings (around 850 a month) are going on that. Plus a kitty for moving (i.e solicitor fee's, product costs etc.)

Just wondering if anyone with whole of the market experience knew of any sub (or am i near?) prime lending with semi decent rates.

Thrugelmir

High risk lenders charge the interest rates they do, as that's the market they lend in.

You face the same choices everybody does. What to spend your money on. Only you and your partner can make that decision.

billybear1

Oh and once again I completely agree, I was just hoping someone may chime in with a story of a not too ridiculous ROI with what I see as a fairly hefty deposit, or is 80 LTV pretty standard?

billybear1

Any brokers on here with a product they know about?