Mortgage with a default?

strawbell

Hi i was in this situation last year and used the LOndon & County brokers?? (who Martin recommends) they got me a mortgage with Platform if I remember they allow 1 default with 2 years anything over 2 years old was a lower interest rate again. Obviously things may have changed but it saved us and the rate wasn't that bad.
Good Luck

emran2486

can you please advice me how do go ahead to get a mortgage?

Leon_W

If the purchase price is £160,000 and you need a mortgage of £139,000 with the property being "discounted" by £21,000 then you don't have a deposit. There are no mortgage available that fit this scenario, default or not.

emran2486

why is it so hard to get a mortgage, I was planning to buy another property after this one. But the way it's looking I don't think I want to even go ahead with all the headache and promises please make.

Just end up getting upset

GMS

emran2486 wrote: »

can you please advice me how do go ahead to get a mortgage?

Get copies of your credit file from Experian, Equifax and Call Credit. Speak to another broker and pass the reports to them.

What income(s) have you got?

Have you any funds of your own for a deposit?

emran2486

Leon_W wrote: »

If the purchase price is £160,000 and you need a mortgage of £139,000 with the property being "discounted" by £21,000 then you don't have a deposit. There are no mortgage available that fit this scenario, default or not.

There is I got a mortgage about 2 years ago from Halifax for this property and the Housing association took p*** and went over 6 months and my mortgage detail expired.

emran2486

GMS wrote: »

Get copies of your credit file from Experian, Equifax and Call Credit. Speak to another broker and pass the reports to them.

What income(s) have you got?

Have you any funds of your own for a deposit?

I am on 24k and my brother that will be on the mortgage aswell is on 12k

I dont mind putting abit more on deposit but if I dont need to then I rather not.

emran2486

strawbell wrote: »

Hi i was in this situation last year and used the LOndon & County brokers?? (who Martin recommends) they got me a mortgage with Platform if I remember they allow 1 default with 2 years anything over 2 years old was a lower interest rate again. Obviously things may have changed but it saved us and the rate wasn't that bad.
Good Luck

By looking at this message brings a smile to me, I hope someone out there will help me get on the property ladder

emran2486

Just contacted London & county brokers to call me back on my lunch break.

I hope it works out for me.

Simon_gloster

87% LTV with a recent default will be hard if not impossible to place.

To make it more possible I would suggest 80% LTV which means you will have to put an additional £11,000 ontop of your fees towards the deposit....even then not guaranteed by a long shot as the default is so recent.