help! will i get a mortgage????

lyndata

I work 16 hours per week and i am a single mother. I pay full rent and was thinking about buying my council house (down four in a block). I was bankrupt in 1999 and believe I am free of that now. Would I get a mortgage and what type should I go for? Its soooo confusing...any advice would be appreciated...thanks!

Squiggly_Diddly

Hi there,

I can't advise you specifically on the mortgage, but I too am a single mum of 3, work 21 hours a week & am also a f/t student. I had to go bankrupt along with ex-h back in 1996 and lost the flat I owned. I know things have changed now, but I had to wait 3 years to be discharged. I thought I would be doomed to have nothing & get nowhere for the rest of my life at that point.

Since that time (& ex subsequently leaving) I have worked incredibly hard to rebuild credit, pay everything on time, build up some savings, etc which I think helps just a touch....

However - I am going to sign the mortgage papers at my bank this afternoon to buy my council house!!!!!!! (eeeekkkk!!!!!)

I changed bank last summer after I'd had enough of Abbey's incompetence (no problems with running my account, just their overall attitude & the fact they lost a lot of my personal information when I changed my name, etc) and I have found Lloyds to be fantastic. The staff at my branch are brilliant - and remember my name whenever I pop in (which isn't that often), and I like that sort of 'personal touch'. Went in for a review a couple of months ago & came out with mortgage agreed in principle. I feel that having a good relationship with your bank can certainly be a great help, but I know that equally there are some excellent mortgage brokers who would be able to advise you too.

Good luck to you - and as my mum tells me, reach for the stars!

Conrad

The Bankcruptcy should affect you now.

Your income is the crucial factor.
You mention your property is '4 down' but this doesnt tell us how many stories high the block is - is it 20 or 10?

Few lenders will assist on high rise blocks espcially if there is galleried access or concrete construction.

Beware the sharks. They tend to target the most vulnerable people particularly Right To Buy cases. Watch out for insurance stings - better to do your own direct with a large insurer such as N Union. Dont let the 'advisor' fill in the form - he might forget to write down the illness you had as a baby so that when you claim it will be invalid.

Dont !!! any insurance to the mortgage balance - another common fraud.

Halifax might consider RTB on a tower block. Barclays lend on T blocks but Im not sure they do RTB.

Victoria and Preferred (lenders not brokers) can consider such cases as far as I know.

Please trust no one and you will never lose.

lyndata

thanks. its not a tower block.Its 4in a block ie 2 downstairs and upstairs with own garden. theres just so much info that dont know where to go for help

morgani

lyndata wrote: »

thanks. its not a tower block.Its 4in a block ie 2 downstairs and upstairs with own garden. theres just so much info that dont know where to go for help

You could try this company I have recently been dealing with hes great help and you deal directly with the owner of the company and they are a broker and from comparing prices are competetive too.

the company is stein financial

The guys name is Russ Stein and you can tell him you were referred from me if you like, Ian Morgan from Gloucester.

Website https://www.stein.co.uk
Email mail@stein.co.uk
Tel 01793 491888

Hes happy to leave you to think about things and doesn't pressurise you and was generally helpful and was prepared to spend tme to explain things he even stayed on til 8pm one evening to help me out with life assurance.

Hope this helps