Advice re 95% Mortgage and Bankruptcy

droiderm

John1993 wrote: »

And sorry for the upcoming bit of pedantry (I really am) but as a rates trader this really does kill me...

I didn't borrow him money, I lent it. I lent, he borrowed.

John my friend, I respect pedantry, and of course your correct.
That's the best thing you have said in the whole thread
I had to give you something

leveller2911

Droiderm with regards to newbuilds and newbuild premiums can I ask why you went for a newbuild rather than a 2nd hand property. I'm sure you are aware of the problems with the premium a buyer pays on a newbuild (around 10%)and the likelyhood of negative equity as soon as they sign on the dotted line with a 5% deposit .

Did you consider a 2nd hand property?.

I am generally risk adverse and would never buy a newbuild ,also being in the Construction industry I know how poor the construction is and the worthless NHBC warranty If I had money trouble in the past I would have gone down the safer route of a 2nd hand property.

Its not a critism I'm just curious if you weighed up the possible problems of newbuilds with only a 5% deposit.

Kitt10

Has anyone successfully applied for a got a mortgage recently?

BR in March 08, discharged in nov 08 and dafaults on credit report relating to BR (checked yesterday which now trying to clear.

Partner has fab credit report/rating and recently was accepted for an 8k loan.

We pay £500 a month rent out of my account and want to apply for a mortgage of £69,000 as have 5% deposit.

Have financial advisor on the matter but want to know our what my chances are

Salander

So, after 5 3/4 years and a lotbof worry, today was the day.. I had spoken to the local Nationwide branch and they said I could get a DIPonline on Save to Buy. It would not work, it only accepted 10% deposit- as per the website as I had thought grrr

So I rang back to make an appointment only to be told to ring HQ, you can do Save to Buy over the phone at HQ- they gave me the number...

I wanted to go into branch- no appointments for 10 days (ish) my wife works as well so getting us both there is nigh on impossible! I thought- its ok I will ring HQ tonight...

I have been building up for this moment for 5 3/4 years....what would the comouter say. Yes or no....

Neither- they left me hanging on for 37 minutes ( ill need a mortgage to pay the phone bill), promptly told me that Save to Buy had to be done in branch then LAUGHED and said there was nothing he could do.

I asked to speak to the manager. She was not on the phone but busy doing important things- she would call me later.

I wanted to get a mortgage from this company that would cost me 100,000 plus in interest over the term

So sorry I cant report whether I am godd enough for Natiinwide at this point- I can reoort that they will struggle to get my 100k
ill be complaining tomorrow

chambta

Salander wrote: »

Does anybody know if it is likely that any of the banks offering the Help to Buy scheme, such as Nat West, will offer to me?

I am dischaged from bankruptcy for 5.5 years now, but other than that have a good history, stable job / life and there was no repo involved?

Thanks

Officially Natwest will decline you for a mortgage if they're aware of any bankrupcy, however historical.

Of course, it's not the case in practice.

Salander

chambta wrote: »

Officially Natwest will decline you for a mortgage if they're aware of any bankrupcy, however historical.

Of course, it's not the case in practice.

So, does that mean they woukd cinsider me at 53/4 years in fir a HTB part 2 mortgage?

sorry about the spelling!!!

leveller2911

droiderm wrote: »

I have a new buy 95 percent offer from nationwide, looking to complete next
week.

Any news Droiderm?.......

droiderm

Yes, it went fine :beer:

kingstreet

Salander wrote: »

So, does that mean they woukd cinsider me at 53/4 years in fir a HTB part 2 mortgage?

Yes, but the term/amount will be limited due to age and term restrictions and your ability to repay the mortgage before you retire.

linziloo84

Really sorry to gate crash this thread but I really didn't know where else to post this!
My husband went bankrupt in June 2008 was discharged June 2009 and finished paying back the monthly payments agreed with the OR last Sept 2012.
So technically he's been 5 years since date of bankruptcy this June, 2013.
He's sorted out his credit file with experian and he's had a current account with the Co Op since he went bankrupt with no overdraft facility and has not applied for any credit since being bankrupt. I wondered if there was any chance of us being able to get a joint mortgage? I have currently got perfect credit history and have a mortgage in my sole name, I have not added him to my mortgage for fear it would mess things up!
We would only be looking at a shared ownership mortgage anyway so the sum of money needed would not exceed £100,000. We would still need 20% + deposit right?

Nationwide was mentioned earlier and that is who I have my current account with and my husband and I have a joint saving accounts with them, surely this may work in our favor?

Any advice greatly appreciated!