Barclays Mortgages in Northern Ireland??

James1980

Can you get Barclays Mortgages in Nothern Ireland?

in particular the Family Springboard Mortgage.

How does this help first time buyers? Will this assist people with maybe not a 100% credit rating or does it just help in relation to a deposit?

Thanks
J

kingstreet

I've just tried running both 90% and 95% FTB cases through Mortgage Brain for a NI property and neither Barclays nor Woolwich comes up, so I suspect not.

Check with them for verification.

craaaigo

Barclays/Woolwich do lend in Northern ireland so this alone should not be an issue.The intention of the springboard mortgage is to allow applicants to borrow a higher loan to value than usual though (95%) as opposed to helping those with credit issues in the past - which is not one of their niches to be honest.The applicants parents deposit the equivalent of 10% with Barclays for a period of 3 years at which point it is returned to them (providing there have been no issues with the mortgage) along with equivalent interest.

kingstreet

I've just re-run this and I had a setting wrong. It does lend in NI.

Despite me having "all periods" ticked for product duration, it was taking the numbers I'd put in previously.

Sorry for any confusion.

James1980

Sorry painting myself with wrong brush.

Its not that we've credit issues or bad credit in the past just at the moment currently have a loan, which was taken out for debt consolidation.. there was no issues with the previous outstanding debts no defaults or missed payments.. we just decided to get a loan to get it all in the one basket so for me to say "bad credit" is the wrong term to use.

so would this sort or scheme help people who maybe have a £10-15k loan debt outstanding if they have a parent who is willing to go into the 3 year plan if the buyer is able to pay 5% deposit..

its a Mortgage in NI, so at this time it would not be a huge Mortgage between 50-70k for a small 2 bed house.. which mortgage wise would be 20% cheaper per month than our current rental agreement.

kingstreet

A lender will normally deduct from income, the cost of any credit commitment with more than six months left to run. This will affect the amount you can borrow.

For example, on £20k, you could normally borrow around £80k.

If you have a loan of £250 per month, this would see £3k deducted from your income and your maximum mortgage fall to around £68k.

Having well-conducted credit is not normally a barrier to getting a mortgage, only the size of the potential mortgage may be an issue.

James1980

Ok say for example using a mortgage calculator.. Santander

2 applicants and it asks for income so say we do £16k and 14k

when it asks for How much are your monthly loan commitments?.
Is this just a LOAN, or should that also include a credit or store account?

So say our Loan is £250

that then indicates
The amount you may be able to borrow is:£ 94,500.00

over the past 6 months since we got the loan we have been putting £500 per month a side into a separate account, as we now have around £700 (so thats £200 extra after the £500 savings put to the side) expendable income each month. This £700 is what is left after all the usual household bills (RENT, internet, tv, mobiles, travel, food, electric and credit card bill are all serviced)




So in the circumstances above would it all be down to how our credit scoring would go if Barclays or anyone else for that matter would entertain a mortgage with us?

Wife wants to move to rent a new property but I am feeling why move somewhere new to spent £500-600 rent when we could spent £400-500 on a 70k mortgage.

Thrugelmir

James1980 wrote: »

Its not that we've credit issues or bad credit in the past just at the moment currently have a loan, which was taken out for debt consolidation.. there was no issues with the previous outstanding debts no defaults or missed payments.. we just decided to get a loan to get it all in the one basket so for me to say "bad credit" is the wrong term to use.

There's rarely issues with debt until one of the 3 D's strikes. Death, divorce or distress.

Lender review historic debt usage as part of the application process. As a general rule refinancing debt is not the purpose of mortgage lending (from a lenders perspective).

Best usage of your savings may well be to overpay your current mortgage. As I assume early repayment of the secured loan will incur redemption penalties.

James1980

Sorry Thrugelmir maybe i should point out its First Time Buyer.

James1980

Would the best options be to just speak to a Mortgage Advisor then and see what options they give us? or Contact Barclays see if this is a possibility in Northern Ireland and then take it from there.

I suppose its just advice I am seeking for now, give someone the details and the credit reports and see how eligible we are for a mortgage at the moment.

Thrugelmir

James1980 wrote: »

Sorry Thrugelmir maybe i should point out its First Time Buyer.

My error. Consolidating debt into the mortgage follows the same principle though,