First time buyer mortgage issue with default

Dave_Ham

On the mortgage perspective, you unlikely to get a mortgage with a default satisfied or unsatisfied with a 10% deposit.

If you get to 20% this becomes achievable.

Aside from this, can you not buy in sole name of partner and add you on at end of first fixed term (subject to income split of course)

DVardysShadow

Thrugelmir wrote: »

The creditor could merely maintain the account as being in default. Certainly doesn't have to play ball.

Indeed. But the point is that they would be more likely to play ball as part of a negotiation rather than after the money was handed over.

ETA: Well if the debt is too old to be on the record, they do have to paly ball.

Angry_Bear

Thrugelmir wrote: »

Application can be made to the court by the creditor. Given the circumstances.

For simple contracts (e.g. almost all unsecured loans covered by a CCA with no CCJ issued) - if 6 years have passed since the debtor acknowledged the debt in writing or made a payment then the creditor wouldn't be able to take legal action for recovery of the debt.

I'm not sure what circumstances you were referring to (maybe the fact that 6 years hasn't fully passed?) but if/when 6 years have passed then the debt is statute barred.

http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm28384.htm

However, with £75k a year, paying off an old debt should be easy for the OP.

Burridge60

If you have applied to Nationwide as you state and knowing their process as I do you would not have got to formal application without them having carried out credit checks on you already.

I have to say that given the current public forum reporting that is prevalent and the "policeman" status forced on Mortgage Intermediaries your comments on a public forum in this way are rather ill advised.

Heaven forbid that an employee of Nationwide lurks on this forum and reports your comments to there employer.

Think this is unlikely!

Imagine my consternation when a lenders rep contacted me to verify that I was the person posting on this forum under the user name above, after less than complimentary comments about their past actions.

Beware what you post!

EpsilonVaz

Thanks for the responses. Unfortunately I don't think my partner can take it on her own and add me later as she only earns £25k and I don't think she will be able to borrow the £198k required.

Is there anything we could do? Or is this destined to failure...

money_maker_2

Personally IMHO you should grow up, pay your debt and save a lot harder and buy later when you are ready.

At 24/25 yrs old you earning abover £75k and you only have 10% deposit?

Joe_Bloggs

Consider waiting a year building up a decent deposit plus the money owed.
Pay back the debt, get the mortgage.
J_B.

Thrugelmir

Joe_Bloggs wrote: »

Consider waiting a year building up a decent deposit plus the money owed.
Pay back the debt, get the mortgage.

The best answers are normally the simplest.

Playing games in the world of finance has a nasty habit of rebounding back at the time you least want it to.