mortgage misery

houston

We would very much appreciate any advice with our mortgage dilemma.
to summarise, my husband is 3 years self employed, no accountant but all income on bank statements. we are renting from a housing assocation and have the Right to Acquire. I have 1 CCJ going back to 2003, (water, registered in 1999, which we're paying off on a water board scheme they match payment for payment).we have checked with credit expert and we have the odd late payment.
we had the house valued last june when we opted for the RTA, 125000, discount of 9000, purchase price 116000. we had 3 months to find a mortgage, and applied for Abbey, plus a handful or mortgage brokers all trying to sell kensington, and all the ones you see on TV, (selling your soul). we gave up looking.

we would like to move and we are not sure if we should buy this house and get on the ladder or simply buy another house where we want.
the tie-ins for self-cert, RTA, etc seem to be stacking up the rate.

anyone any advice? we've had the "dont move then" advice and "should be happy you've got a roof". duly noted

MortgageMamma

There are far more lenders that could look at this other than Abbey and Kensington. You are right to steer clear of the companies that advertise on the telly, there are usually massive fee;s involved and they are either tied to one lender or have a very small panel

When you say you spoke to other brokers who all tried to sell kensington, did they explain to you why this was? Did you check if the brokers you spoke to had access to every mortgage lender on the market or if they had a panel? this can obviously have a massive impact on any recommendations. I can't see why a CCJ registered in 1999 and self employed is leaving you with so few options unless there is something else to it.

houston

the reason we were limited was beacause it was a RTA, and we were self-cert, (we were told). there is nothing more to it, apart from the odd late payment, my husband would do a single appl. anyway so my credit history shouldnt have such an impact on the mortgage, should it?

MortgageMamma

SO long as you have not had any missed payments on any credit in last 12 months shouldnt be a problem

There should be more lenders willing to look at this

Are you going to have another go to see if there is a more suitable mortgage product?

houston

thanks

we will have another look into this, but we are arming ourselves with information at the mo, BTW, it is RTA, similar to RTB but with different discounts, landlord is housing association not council

Mr_helpful

MM is right there should be enough other lenders as credit not too bad.

herbiesjp

Don't "sell your soul" as you put it

There should indeed be plenty of other options available to you

houston

many thanks to replies