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Advice required - Mortgage for discharged bankrupt
melonieisaacs
Posts: 5 Forumite
I wonder if anyone out there would be able to offer any assistance regarding which lenders are likely to offer a mortgage to myself and my partner after being discharged for nearly two years, earning in excess of £70k between us with a 10% (ish) deposit.
We have managed to build our credit score up to 'Fair' according to Credit Expert & Equifax but are having difficulty in getting any IFA to even help us in our search quoting "...current climate" & "...recent changes in criteria".
We looked into shared equity, (Not the housebuilder one as we know we won't get anywhere with that as it goes through high st lender) and were told, even though the mortgage would be far less and even with Housing assosiation rent added, is still manageable on our wage, but as they only offer 100% of the required mortgage, we won't be eligible!
We may be considered for an open market purchase if we had over 40% deposit!! Work that one out, seeing as the shared equity at 50% of purchase price would have only been around £70k and very affordable, we don't qualify, but if we had £68k deposit, (40% of the full market price of a std 3 bed house) we might be eligible!
We are not getting any younger and feel that leaving it for another 6 years we will be too old to get a mortgage
Has anyone any knowledge of any specialist lender in this market, who will lend with our criteria?
Regards
Frustrated & confused.....:mad:
We have managed to build our credit score up to 'Fair' according to Credit Expert & Equifax but are having difficulty in getting any IFA to even help us in our search quoting "...current climate" & "...recent changes in criteria".
We looked into shared equity, (Not the housebuilder one as we know we won't get anywhere with that as it goes through high st lender) and were told, even though the mortgage would be far less and even with Housing assosiation rent added, is still manageable on our wage, but as they only offer 100% of the required mortgage, we won't be eligible!
We may be considered for an open market purchase if we had over 40% deposit!! Work that one out, seeing as the shared equity at 50% of purchase price would have only been around £70k and very affordable, we don't qualify, but if we had £68k deposit, (40% of the full market price of a std 3 bed house) we might be eligible!
We are not getting any younger and feel that leaving it for another 6 years we will be too old to get a mortgage
Has anyone any knowledge of any specialist lender in this market, who will lend with our criteria?
Regards
Frustrated & confused.....:mad:
0
Comments
-
Hi and welcome, have look here it may be of some help to you:)
https://forums.moneysavingexpert.com/discussion/2918012:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0
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