Mortgage with a default?

emran2486

Simon_gloster wrote: »

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.

what if the housing association puts in 75% discount which I am currently working on.

Simon_gloster

75% discount? You need to work hard at that!!

emran2486

the goverment is offering 75% discount, and we use to be a council tenant previously so as I have just spoken to a few people we do still have the right to buy discount.

emran2486

I have just found out that I might be entitled to preserved right to buy, even though we are with housing association.

Other then that I don't know what else to do.

samtoby

Blimming hell didn't know how to follow this all the information keeps changing!

I think its best you get a mortgage agreed for how ever much you can and then think about property prices you can look at. Any of schemes take a while to go through its not something you can sort out in your lunch break!

emran2486

I have got a fantastic news, I have been offered the right to buy which means I will be entitled to the 75K discount of the the property value.

So as it stand, 160K is the property value and after deduction of the discount the property value will be 85K.

Myself and my brother have a joint income of 36K, how likely is it that I will be getting a mortgage of 85K with a default under my name of 183.00 (only) which was logged on Jan 2012.

Please can someone advice me. Many Thanks

Conrad

That mortgage is deffo doable with a small Building Society. They will want 3 months Bank stats for you both, they will want to see perfect conduct, income going in for both of you.

Does your Brother live with you and is he on the RTB? I have not the time to read whole thread.

emran2486

Conrad wrote: »

That mortgage is deffo doable with a small Building Society. They will want 3 months Bank stats for you both, they will want to see perfect conduct, income going in for both of you.

Does your Brother live with you and is he on the RTB? I have not the time to read whole thread.

Yes my brother lives with me, the main tenants of the property is my parents. So there will need to be 4 people on the mortgage

Mum / Dad / Brother / Me

I work in a housing association
My brother works in a shopper market (asda)

The property was valued at 160K 1st May 2012, so I am thinking this value will not change.

Conrad

emran2486 wrote: »

Yes my brother lives with me, the main tenants of the property is my parents. So there will need to be 4 people on the mortgage

Mum / Dad / Brother / Me

I work in a housing association
My brother works in a shopper market (asda)

The property was valued at 160K 1st May 2012, so I am thinking this value will not change.

Ok a number of issues to be careful with;

1) Older people are limited to age 65, sometimes higher depending on pensions and job type.

2) 4 way applications - lenders often struggle with these are thier systems aren't geared up for this. You really need a broker.

3) Affordability - are all 4 of you working?

emran2486

Conrad wrote: »

Ok a number of issues to be careful with;

1) Older people are limited to age 65, sometimes higher depending on pensions and job type.

2) 4 way applications - lenders often struggle with these are thier systems aren't geared up for this. You really need a broker.

3) Affordability - are all 4 of you working?

reply to your message
(1) my mothers age is 47 and my fathers age is 54
(2) Ok I have contacted some brokers
(3) not all are working just me and my brother (mum and dad are not working(