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Mortgages for impaired credit histories
Fortune82
Posts: 44 Forumite
We have a house currently tenanted that we'd like to sell. The current tenants are very keen to buy it, and we've agreed a price at a discount from Open Market Value.
Purchase price is £140K, Tenants combined income is £70K and they have a 10% deposit. Unfortunately, one of the couple has just come off a Debt Management Plan (Nov 12) and their broker hasn't been able to come up with a deal.
They've been great tenants (and great payers!), we'd really like them to buy the house - but our own circumstances mean we will need to sell by the Autumn to help fund our next home. I don't want to have to go down the road of giving them notice, so any advice on lenders who will take a look at these circumstances would be VERY gratefully received.
Purchase price is £140K, Tenants combined income is £70K and they have a 10% deposit. Unfortunately, one of the couple has just come off a Debt Management Plan (Nov 12) and their broker hasn't been able to come up with a deal.
They've been great tenants (and great payers!), we'd really like them to buy the house - but our own circumstances mean we will need to sell by the Autumn to help fund our next home. I don't want to have to go down the road of giving them notice, so any advice on lenders who will take a look at these circumstances would be VERY gratefully received.
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Comments
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I know nothing about mortgages so unable to offer advice as such but just wanted to say you sound like such a lovely landlord!! Sounds like you're going out your way just to help them out too.Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
This is unlikely at 10% deposit, not necessarily impossible but depends upon the specifics.
Would be much more confident if they could stretch to a 15% deposit...
Vote 2 for decent landlord material..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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