Advice from any broker please.

steve4mandy

I was wondering if it is feasible to purchase my 'right to buy' council property now?

A brief outline-
Bankrupt 2003, discharged 2005.
Currently bank with nationwide, I achieve top end credit cards, loans, mobile contracts & have had no problems obtaining credit since 2010 (thanks to this site).

Earnings £34100 +o/time, 17 years full time employment
Age - 45

Estimated house value £125-135000,
53% discount
no deposit (advised on high street not reqd with discount)?

FLY IN THE OINTMENT -

credit card £2000 (0% ends Apr 14 & will be paid before that).
Loan - £2000 ends march 14
Both with Tesco Bank.

I am servicing both debts franticly, £800 paid off loan today, my question is would I get a mortgage today with debts, as my fear is house prices are rising faster than my yearly discount is adding?

kingstreet

The fly in the ointment is the bankruptcy.

This will be an issue for a number, if not most lenders.

I suggest you have a "full" agreement in principle done, which covers all your issues and ensures you won't be left waiting for a decision.

Have you submitted your RTB1 yet?

steve4mandy

Thanks Kingstreet, No RTB1 applied for yet as I have been servicing my loan/card debts, as I understand the bankruptcy is an issue and wanted to be 'clean' before I started the whole process.

Plan was to go for mortgage in May '14.Trawled high street asking a few questions regarding bankruptcy, got good feedback from Natwest, Halifax, Santander and Nationwide. I am aware that talking to the branch advisor is nowhere near like dealing with their underwriters, so in this instance I will leave it to a professional broker.

ACG

8 years since you were discharged, i would say you will have a decent enough chance of getting a mortgage. Affordability even with the loan and cc should be fine. Sit down with a decent broker and you should be fine.