Right to Buy for ex Bankruptcy

dave_howard_2

Hi
I was bankrupt in 2006 and have been discharged for over 6 years.
I'm a resident caretaker and the council pay my rent but that is going to stop at the end of June and i can buy my property with a big discount which could be up to £98.000. The property price judging by my neighbours mortgage is about £140.000, which means i need a £42,000 mortgage approx.
I switched from Nationwide BS to Satander as a friend high up in the bank worked there but he found that Santander do not offer a mortgage to anyone who has EVER been bankrupt.The Nationwide account is still open, should i have my salary paid back into this account?
My salary is £30.000 pa.Santander has given me a credit card with a £2700 limit which i owe £900 on and will be paid up in full in about 2 months time.I also have a Vanquis credit card which i obtained to build up my credit score and i owe nothing on this as its been paid in full.
My wife is with NatWest and she gets DLA at £420 a month and we were told by them we should apply for a joint mortgage.Is this wise?
She owes about £2000 on the catalogue and has never missed a payment.This is going to be paid up ASAP.
My credit file i check with is with Noddle and seems quite good.
The only other thing i owe is for a TV (ours broken down just after xmas ) which the outstanding balance is £1,700. We hope to have the TV and credit card paid up by July when we need to apply for a mortgage.
So my questions are:
Which will be the best bank to go to for a mortgage?
Have we got a chance?
Should all the debts be paid up first ?
will the discount act as equity or would we need a deposit?
Sorry for the long story but a mortgage would be cheaper than rent and im so confused.
Thank you
Dave.

GMS

Correct about Santander,

Probably a good idea to engage a broker on this.

dave_howard_2

Hi
thanks,
do you know of a good broker in the SE London area or does it have to be a local one?
This is totally new to me as ive been a resident caretaker for 27 years now.Would my age also be against me? Im 47.
Thanks
Dave

steve4mandy

Just done my righto buy, also ex-bankrupt.


If you are joint tenants,either yourself or a joint purchase is ok. Your wife will have to sign her right to buy over to you.


I'm with Nationwide, they referred my application to a real person, not a computer, make sure you have your discharge notice, 12 months bank statements. I did use a broker, who's knowledge was worth every penny.


Nationwide used my discount as full deposit, you just have to find your legal, and mortgage/survey fees.


Clear as much debt as you can, and make sure all three credit files are clean as a whistle!


At the purchase price you are quoting your mortgage will almost certainly be cheaper than your rent. Have a play on the Nationwide mortgage calculator.

dave_howard_2

Sorry
Also would it be best for me to get a joint account with my wife and have my salary paid into that or back into Nationwide?
Or does what bank you use matter?
Thanks again
Dave

dave_howard_2

Thanks steve4mandy

steve4mandy

Age shouldn't,t be a problem, i'm 45 got a five year fixed rate, ith the ability to overpay.
Mortgage term 15 years.

dave_howard_2

Mine would have been a service tenancy and i will be signed up as a secure tenant at the end of June and i have been told i will get the full discount but i cannot go for the right to buy until im signed up as a secure tenant.
Dave

chanz4

"The only other thing i owe is for a TV (ours broken down just after xmas ) which the outstanding balance is £1,700"

Whaaaa

leveller2911

chanz4 wrote: »

"The only other thing i owe is for a TV (ours broken down just after xmas ) which the outstanding balance is £1,700"

Whaaaa

Some people never learn..........

dave_howard_2

leveller2911 wrote: »

Some people never learn..........

I dont need to explain myself but this was a treat for giving up smoking,( saving £280 pm) also this is our only vice. Not out weekends drinking and no gambling etc, so please let us have something nice for the whole family???
Dave