HELP- Can we get a mortgage?

HAMISH_MCTAVISH

rietveld wrote: »

We. R a couple Of days STC if we can't get this mortgage were thinking of moving in with my parents waiting 6 to 12 mths to improve our credit rating then trying again for a mortgage we would be leaving this mortgage I don't know if that is a good idea or not know don't want to not be able to get another mortgage after moving out any one know if that is acheivable

Thank goodness for that.

Look, the reality is you're incredibly unlikely to get a mortgage at all for the next few years with any hint of bad credit (which will stay on your credit files for 7 years), so cancel the sale.

There's nothing you'll be able to do in 6-12 months to repair your credit, so moving in with the parents will only result in being stuck there and then being forced into expensive and insecure private rentals.

Plan on staying put for many years yet until this dysfunctional mortgage market returns to some semblance of normality or the last of your bad credit rolls off the report.

On a positive note though, that expensive fixed rate will end at some point, and then you should revert to a great SVR rate with Nationwide. With rates almost certain to stay low for many, many years to come, you'll have an opportunity to take advantage and save the difference.

If for any reason you're forced to move (and rent or live with parents) strongly consider renting the house instead of selling it, that mortgage is too good a deal to let go at the moment and you'd likely be cashflow positive if you rented it from day one.

DVardysShadow

HAMISH_MCTAVISH wrote: »

Plan on staying put for many years yet until this dysfunctional mortgage market returns to some semblance of normality ...

Translation:

Plan on staying put for many years until this dysfunctional mortgage market flips to its more usual other state of dysfunctionality