Odds on getting a mortgage

tommytynan123

[FONT=Tahoma, sans-serif]Before going public (mortgage brokers) with my requests I thought some opinions from you all may at least give me a heads-up as to what might happen / or not.[/FONT]


[FONT=Tahoma, sans-serif]a. Male aged 57 / technically unemployed but I use 'retired' following redundancy [/FONT]
[FONT=Tahoma, sans-serif]b. My income is all from pensions and totals £20K / I am actively seeking a p/t job which would pay £7K So income is £20K now and hoping for £27K soon-ish. [/FONT]

[FONT=Tahoma, sans-serif]c. Mrs (who used to work until a family trauma) gets DLA and IB which are both about £5K (so £10K total) and that situation drives my job hunting objective.[/FONT]

[FONT=Tahoma, sans-serif]d. Deposit available £40K[/FONT]
[FONT=Tahoma, sans-serif]e. The family trauma (see c above) led to us haemorrhaging money and ended with me owing £22K unsecured and a very unpleasant 12-18 months with 5 creditors. 2 defaulted me but 9 months ago I had finished paying them all fully. No f & f settlements. [/FONT]
[FONT=Tahoma, sans-serif]f. To buy a property now would need a mortgage of £90K minimum over 15 yrs ? / 20 yrs ? But that would mean mortgages lasting until I was 72 or 77 yrs old.[/FONT]
g. Presently in rented at £675 (7 years and always paid on-time)

[FONT=Tahoma, sans-serif]The more I typed that the more I was thinking ''not a hope''[/FONT]
[FONT=Tahoma, sans-serif]Anyone got any Odds on my plan or shall I save the petrol cost getting to the broker.[/FONT]
[FONT=Tahoma, sans-serif]Thanks[/FONT]

ACG

Im possibly the least experienced advisor on these forums. Personally i dont think you be able to get what your after. But i would wait and see what other advisors put first...they may know something i dont.

bigadaj

ACG wrote: »

Im possibly the least experienced advisor on these forums. Personally i dont think you be able to get what your after. But i would wait and see what other advisors put first...they may know something i dont.

Would agree it would be difficult.

Don't put yourself down too much, acg, at least you don't spout constant nonsense like 'the J'.

Simon_gloster

You will a mortgage to age 70-75 depending on the lender.

Your retirement will be used 100%, the benefits can be used, but at a reduced amount 60% of them.

Yours debts and adverse will hold you back, however the LTV is good.

As ACG says, £90k seems too much, I think you'll get one but not on A1 terms. Neess a broker this sort of application.

Dave_Ham

Hi there,

As you are well aware, this will be a huge challenge.

Depending upon the size of the defaults and the exact date they were put on your file may limit/increase your odds as you put it.

Given your circumstances and elaborating on this to a sympathetic lender may provide a solution.

I would expect you to need at least 20-25% minimum deposit to make this work and a job that pays to an older age may make it more tenable. I mean getting a physically orientated job will not be achievable in a lenders eyes into your 70's...

Good luck

tommytynan123

Thankyou all for confirming my worries about this situation. My life has been full of challenges and the family trauma situation made all other challenges a walk in the park. BUT - I'll go for the challenge knowing that it will be difficult. Just for info I'll keep you all informed in case someone else pops up with the same question.

adewton

ACG - I agree it is a big challenge. I would like you to sit down and carefully consider the costs of living in an indirectly-mortgaged property (otherwise called 'rented property) and directly mortgaged property. You pay every month a fixed amount (rent). Do you pay ground rents? How much is building insurance and other rates are priced into your rent? Compared the costs. I would not make living in a rented property become a stigma. There are more important worries in life than to worry about Thatcher's introduced mania.

kidmugsy

"Thatcher's introduced mania": those of us who were trying to buy in the house price bubble around 1972 will laugh at the idea that Thatcher is behind such things.