Mortgage advice with bad credit or possible Remortgage at 65

Dave_Ham

ody1977 wrote: »

Yeah...

Need £58k... First time buyer...age 35.. £25,460 salary. 5 unpaid defaults...to buy house worth £140,000.

Not bothered about term length or rate.

Not involving mum now... Leaving partner out of it as well as only on benefits.

Anyone gonna show me the money?? :eek:

Add to this the deposit is gifted from your Mrs who will remain in the property..

I like your approach to this, hard yards ahead...

ody1977

Dave_Ham wrote: »

Add to this the deposit is gifted from your Mrs who will remain in the property..

I like your approach to this, hard yards ahead...

Don't understand the bold part...

Dave_Ham

The difference between the purchase price and house value is the current equity.

You either buy for £58k, which lenders are not going to like or you buy for £140,000 (incurring stamp duty) and use the equity for the deposit.

As this is not in your name, it will be a gift from a non blood relative who will also be residing in the property.

Tough going

ody1977

Thought I had got something... only to fall at last hurdle. A broker had a lender for me:

1. defaults over 2 years old... HAPPY ... tick box
2. income ... HAPPY.. tick box
3. mortgage amount... HAPPY... tick box.
4. First time buyer.. HAPPY... tick box

Failed on something to do with what you mentioned Dave Ham. They werent happy because of buying at an under-valued amount compared to house value. Something to do with concessionary something or other.


Could of done it as a joint(remortgage type of deal) with no problems with partner and myself. But as one of her CCJ's is dated 2012 (less than 2 years old) even though default it is based on was from 2009.

That was a no go.


Think it's time to give up for now. :wall:

Just take the risk and pay chunks off mortgage and try again in a years time when her CCJ is over 2 years old.

Thanks for all the help.. sorry for being a quitter!

Dave_Ham

Sorry, I could see it coming. Lender began with a K I assume.

I deal in this sort of case often and even I was struggling to remain optimistic, given the many barriers you are facing.

With the lender they would have found, you would also need to be squeaky clean on your bank account for the last 3 months with every transaction scrutinised.

I still fancy there is a couple of ways your broker could mitigate this issue, although it will require being lined up nicely.

ody1977

I never asked the broker who the lender was so not sure... Sorry. I was gonna ring the broker back and ask one last thing but feel a bit deflated to be honest. Was gonna say if they were willing to give me a mortgage but only failing the undervalue thing. What would happen if I put forward this:

Equity in mums house 90k
Equity in our house 80k

House We were looking at buying together.. . 280k..

Would they entertain giving me 110k with dropping 170k in equity down as deposit

Or am I living in cloud cuckoo land still?

Thrugelmir

ody1977 wrote: »

Failed on something to do with what you mentioned Dave Ham. They werent happy because of buying at an under-valued amount compared to house value. Something to do with concessionary something or other.

Because the creditors still owed money under the CCJ or any other debts could have the whole purchase transaction overturned in court.

Which would leave the lender with no asset and only you to sue.

ody1977

Thrugelmir wrote: »

Because the creditors still owed money under the CCJ or any other debts could have the whole purchase transaction overturned in court.

Which would leave the lender with no asset and only you to sue.

It failed on that when he was going through the process just for me as a first time buyer.... I have no Ccj's. So don't know if that is relevant?

If I owned mums property 100%... Could I get a remortgage on that property in order to buy partners house? Or would it still fail due to the selling price still being well below the value of the house?

Why is that a negative anyway? Doesnt make sense for my little mind . . Hehe
House still worth 140k no matter what it sells for. Be it a quid or whatever

Thrugelmir

I think you need to channel your energies into tackling your existing debt issues. Until these are resolved and put behind you. You'll struggle to obtain mortgage finance.

ody1977

Thrugelmir wrote: »

I think you need to channel your energies into tackling your existing debt issues. Until these are resolved and put behind you. You'll struggle to obtain mortgage finance.

At the end of the day whether I pay my defaults or not it will make no difference really. It's ruined either way. So either wait 3 years and hope for the best then try again. Or try go ahead and get a sub prime mortgage through a broker dealing with adverse credit. Settled debt or unpaid debt doesn't come into it. The mistakes have happened and no getting rid of them until 6 years are up either way.