Could I get a mortgage as well ??

Coastie

I have just inherited 50% of a property. The other half has been left to my brother. Its a fantastic house that has been in my family for 32 years. I wish to buy my brother out but need to stump up 100K.

Now a little about my previous history. I left the UK 7 years ago to live in a warmer climate. When I left the UK I shamefully didn’t pay off all my debts (a couple of credit cards and a bank loan).

I returned the UK three years ago to look after a member of the family who was terminally ill. I have a good job and earn 4K a month take home which is paid into my wife’s account which she has held for over 25 years. I am 45 so would be looking for a mortgage for about 15 years. My wife is a housewife. Due to my past credit history I fear that any mortgage company will just laugh and close the door!
What to do???
Any advice would be greatly appreciated.

Thrugelmir

Coastie wrote: »

Due to my past credit history I fear that any mortgage company will just laugh and close the door!
What to do???
Any advice would be greatly appreciated.

Do you hold any bank account, credit card currently in your name?

Or have you used your wife's bank account to hide.......

Coastie

No I dont. Everything is in the wife name. She has a HSBC Premier account as she used to be a partner in a business. Its been 7 years since I had a bank account. Will my debts still be outstanding after 7 years?
I am not proud of running away from my debts!

rising_from_the_ashes

First thing you need to get is to get a copy of your credit reports and see what's actually on them.

It's likely that the companies you owed money to applied defaults or ccjs might have been awarded against you - however due to the length of time that's lapsed, these may have dropped off.

I think the main problem will be that if you've not had any bank accounts etc, then you've really no recent history of how you handle your finances which may be the biggest problem for a lender.

Wh05apk

Suggest getting a copy of your credit file, speak to a broker, explain the situation, and maybe get an agreement in principle, it sounds like your income is sufficient for a good size mortgage, presumably you are only looking at about 50% LTV so you should be ok.

handytips

Are you on the voters roll ?

Thrugelmir

Coastie wrote: »

No I dont. Everything is in the wife name. She has a HSBC Premier account as she used to be a partner in a business. Its been 7 years since I had a bank account. Will my debts still be outstanding after 7 years?
I am not proud of running away from my debts!

Which banks did you default on?

xyellowx

doubt the banks will be queing up to lend you a 100k on the off chance you find the winter a bit cold