Where should we look forour mortgage?

Tamera

Hi

My partner and I are hoping to move home and would need a mortgage of £100,000.

Our deposit would be the entire proceeds of current property - £150,000+ - not mortgaged and nothing secured against this.

However, I have been out of work due to injury for 3 years - I receive DLA and Incapacity Benefit, which are firm incomes. I am, however, at the end of my retraining and expect to be in some paid work in the next 3-4 months. But want mortgage now. I have an excellent credit rating.

My parter is discharged bankrupt (been 18 months since discharge). He earns £27,500 basic salary.

Can you please advise - do we have to head for the 'adverse' mortgage deals or will competitive lenders consider us? How best to approach this?

Any advice greatly appreciated.
Thanks
Tam

MortgageMamma

You could most likely afford the mortgage just using your partners income but you could still go on the application. he wont get a prime rate but if he just took a two year fixed then he would be out of "subprime" category and then you could remortgage with a high street lender

herbiesjp

Hi Tam

Indeed you will probably both be able to go on the mortgage, and your partner's income should be enough to get the mortgage agreed along with the great deposit you have to put down

The bankruptcy will affect the deals/rates available, but each lender has a different way of assessing adverse credit and so rates will vary from lender to lender

HTH