Mortgage After Old Full and FInal Settlements

fightingback4mykids

I know that. I understand that the crunch has made everyone tighten up their lending criteria, and rightly so. I don't blame easy access to credit for our problems, it was our own fault, the reason we could no longer pay it wasn't. However I really don't see why people have to pay for past mistakes forever. I cannot see what on earth the point is of defaults coming off a record affter 6 years if that is the case. And I do also think mortgage lending is rather different from unsecured lending, we have never ever missed a mortgage payment even in our very darkest days. Anyway, I am going loopy with the speculating and reading. Hoping our LTV and affordability will outweigh the other risk factors, but we just have to do it and see what happens.

ACG

Worse case scenario, you end up renting... its not really the end of the world so its not worth getting stressed over.

You could second guess what will happen all day long and until you either ring up the lenders and run your scenario by them or consult a broker your right - nobody will be able to give you a 100% guarantee. All we can do is give you an indication based on past experiences.

At 60-65% LTV i would be surprised if you could not get a Mortgage.

For someone just coming out of a DMP or still in it, it is a lot more recent and therefore riskier for a lender so the criteria is stricter.

Hearing success stories is pointless as unless you get someone with an identical situation it could be something minor that makes the difference between getting a mortgage and not.

My opinion would be to get your credit reports in front of a good broker (not one in an estate agents) and then let them do the running around to see what they can find you. They will have an idea of which lenders to try and which you have no hope with. But as i have said, it would be a big surprise to me if you could not get a mortgage.

fightingback4mykids

Thanks, I have done that, and was told there are lenders that will probably do it. It was the Full and Final bit that suddenly got me worrying.... I don't expect not to pay the price for what happened, and I do understand the change in the financial markets. We will just have to take the leap and apply, with the hope that a good LTV lessens the risk slightly. Thanks for the advice, it has really really helped.