Mortgage for Ex-Bankruptee

369

Hello All,

This is my first post on here, so please be gentle!

I am living with my partner who has a mortgage of £275K, on a house worth £385K - so he has 30% equity in the house. The problem is that his ex-wife is also on the mortgage, when the finances go through she will be taken off and he will not be able to afford to stay on it by himself. He has been paying the mortgage by himself for the past 4 years - so we can afford it. Although he can only get a mortgage for £245K, so we are £30K short....

I want to go on to the mortgage, however I was made bankrupt in Nov 2007, Discharged Sept 2008, so it was over 4 years ago now, it will come off of my credit report next year. However we need to sort a deal out before March 2013!!! I have a clear history now - never missing a payment and i am rebuilding my credit score. I have a good job with a £30K annual salary.

Most of the posts on here are about buying houses, where we just need to get me on the mortgage and remortgage (not for more money - just for a better deal).

PLEASE help or point me in the right direction....I understand I should probably go through a broker/specialist lender - but no idea which ones would accept me....or would it be worth asking high street lenders - Santander/Nationwide?

Thanks 369

GMS

Santander do not accept applicants who have ever been banktupt so avoid them.

Broker will be best bet for you

Dave_Ham

It may be that another lender will be willing to extend your OH the mortgage and the 30k required in sole name. If you have only asked Accord, you will find others will stretch income further.

As GMS said, sounds like a broker case..

All the best

369

Thank you for your replies - we haven't asked Accord - who are they? A broker?

Can you recommend any other brokers or are you not allowed to do this on this site?

Everyone i have spoken to before (on other websites) have all said that we will be charged a high rate 6-8%, is this the case even if we have 30% equity/deposit and my partner has an excellent credit rating?

Thanks

Dave_Ham

Definitely not in that bracket rate wise from what you have said so far

Apologies do not know where I got Accord from, I thought you said he was currently with them.

What income does your OH receive?

369

Thanks Dave,

Do you mean we would be in a higher rate?!

No worries about Accord - I can look them up.

OH income is £45K and mine is £30K.

Thanks

Dave_Ham

Sorry, I was not being clever with Accord dropping them in; it was a genuine mistake as thought you said you were currently with them.

Do not bother looking them up, they will not lend the required multiples.

Looks like you will need to hunt down an experienced broker as you will require help.

Other factors prevailing, I would think you have a good chance of securing a mortgage and the rate will be dependent of the experience of the broker.

I meant lower rates, not higher...

All the best

Dave_Ham

Sorry - who is current lender?

369

Santander are the current lenders, but do not think they will let me on there...

In your experience as OH has been paying the mortgage for nearly 4 years on his own, would Santander be willing to lend a bit more? We can afford it and have shown this by paying over the past 4 years...

Lower rates - was not expecting that - that's a glimmer of hope!

You don't have to promote any companies, but can all be anywhere in the country - not where you are based? As in do you have to do it face to face or can i all be done over the phone etc?

Thanks

GMS

Personal choice as to whether you want face to face or telephone to deal with a mortgage.

Worth your partner asking the question of Santander as to whether they would help. If they will then happy days. Gives something to compare against at least. If not a broker can search the market

Dave_Ham

My personal opinion is that getting the right broker is more important than face to face, although getting both is a bonus.

I do not believe Santander will accept you being added due to previous (as previously stated) although they can be generous at times with overtime and bonus calculations.

Definitely a good broker will earn their fee and save you money on the product here.

Additionally and sure you are aware, but OH ex will need to sign to come off deeds and cease interest so timing of all of this is probably crucial to your plans..

All the best