Mortgage and default

emmajayne1980

Have a default which ends beginging of April next year. I can afford to buy the property from my ex and have checked for mortgage affordabilty and my income more than covers the amount I am allowed to borrow. If I started to apply say middle of April would they agree to putting transfering the mortgage in process as my default is in last year. I know its a long shot but am getting desperate to sort things out. I have no other loans etc going out of my wages.
Many Thanks.

ACG

Your narrowing down your options...

How much is your property valued at?
How much are you looking to borrow?
How much was the default for?
Is it satisfied? (if so, when?)
How much is your income?

Anything else we need to know, kids, debts, HP etc?

The way your looking it seems to limit you to just the lender your currently with and hoping you can get round their criteria. If you provide the details above, we can let you know the likelihood of you being able to get a mortgage tomorrow if you wanted one.

emmajayne1980

Property was valued at £184950 and is currently on at £170,000.

Looking to borrow £130,000

The default was for £1080 and was settled in April 2008

My income at present is £29240 moving up to £31000 in September this year.

I have no children etc and have no loans and any credit cards/store cards are always paid off in full every month.

Thanking you in advance for any advice.

ACG

If you can afford to borrow £127,500 (ie 75%) then it will open you up to other options.

This should be possible to do though.

The default over £1k will take out a few options though, im in 2 minds as to whether you would be able to do this on the high street or not. I think you might be best speaking to an advisor, they would be able to sort something out for you now if you wanted.

emmajayne1980

Hiya thank you for your reply. It may be worth me saving a for a couple more months so I can take it down to LTV 75% and then see a broker for there advice. Initially waiting until default is less than a year won't make much difference then?

ACG

Different lenders have different criteria, typically its over 12, 24, 36 and 60 months. So between now and the full 5 years i dont think it will make too much difference.

Dont forget also, the £170k is the asking price. Presumably you can get it down a little bit meaning your probably not quite £2,500 away from the 75% mark.

emmajayne1980

Great. Thank you for your help Im really grateful and pleased with your advise. Ill certainly feel more confident going into things now. Thanks again.

kingstreet

Have you asked your existing lender if it will permit a transfer of equity to remove your -ex?

emmajayne1980

Yes i have and they are sending out the details. why do u ask?

kingstreet

To see if there was an alternative to remortgaging?

emmajayne1980

Just to clarify should I be going with my current lender first or do I go through the broker route?