help for mortgage please! :-)

hawkinsj

Hi i have been trying to get a mortgage with halifax but have been turned down the property is worth 600k and the mortgage would be 325k - i have 1 settled default of £900 that is 4 years old but my credit score is good and i earn 75k per annum. does anyone know of any lenders that will accommodate this mortgage requirement.

Thanks guys

kingstreet

54% loan to value. 4.3x income. Default of £900 from four years ago.

Is there anything else unusual about this? Term? Source of your income or deposit? Other mortgages or credit commitments? I'm surprised Halifax didn't want it.

Did you go direct or through a broker?

hawkinsj

term is for 35 years and payslips and wages go through their accounts they said its due to default even though satisfied?? are all high street lenders this tough if so any recommendations the 275k is going to be a gifted deposit as the house was valued by halifax and other valuers at 600k. went direct to halifax i really am at a loose end here i have spent the last 2 years getting my credit report to be good and now it seems still to no avail! agh and thanks for any help :-)

kingstreet

Right. I expect the default is less important.

The deposit is the issue. What do you mean it's a gifted deposit?

Is someone giving you £275k cash or are you purchasing the property at undervalue? If the latter, is it from a relative?

hawkinsj

the property is currently mortgaged to my brother for a mortgage of 325 the aim is to remove him from mortgaging the property using the 275k equity as a deposit if this was possible??

GMS

Is your brother planning to remain in the property?

Is there a reason for such a generous gift? Does he have financial issues?

A gifted deposit of this size will raise major questions from the lender and they may well dig into your brothers financial affairs in depth.

Thrugelmir

hawkinsj wrote: »

using the 275k equity as a deposit if this was possible??

Far too many issues for many lendersw to want to consider a gift of this size. As any risk falls on the lender not you or your brother.