Everyone says NO!

sarahskint

Hi all, maybe someone could post me in the right direction if I have come to the wrong thread.


Me and my husband would like to buy our house I have a right to buy on it, we have saved 10K. The problem is I was made bankrupt in 2007 and was discharged in 2011 and the banks have all said NO as soon as I have mentioned it. I spoke to a mortgage broker and he said He couldn't do anything but told me to speak to Magellan homeloans. I have rung them and they said they do not do right to buy so they couldn't help.


Our joint income is 22k a year (4 kids), no problems with our credit ratings though everything is green lol. We would be looking at borrowing a maximum of 60k.


any advice/help would be very thankfully received x I feel like crying tbh, one bad point in my life and I'm still made to suffer for it

Senior_Paper_Monitor

This will only go to one possible lender and will be totally dependant upon your credit profile since the bankruptcy - this will need to demonstrate active credit immaculately run since (+ a minimum of three years since discharge).


This is a truly borderline case (and will remain so for some time). In my opinion you will need an experienced right to buy broker to have any chance.


No high street lndex (or Magellan - surprised your broker metioned this, as they are 1) strictly broker only and limited panel at that 2) not a right to buy lender and never will be) will look at this.

Leon_W

Affordability is going to be an issue as well unless you have income on top of the £22k joint. Maybe tax credits ?


It's the 4 kids that have a huge impact on this as I am sure they are not cheap to run.

Senior_Paper_Monitor

It fits (just) - assuming no other debts etc and splitting the income 50/50 - in theory, this is definitely a 'thin chance case'.

sarahskint

I've learnt a lot from MSE and keep my monthly shopping bill for the 6 of us at £100, have cut back on a lot of things. The 22k is all our income including tax credits.


So getting a mortgage is going to be a big fat no, what do people suggest? Should we keep trying to save? The only problem with that is when we reach the savings threshold we will lose what tax credits we have because we will have 'too much money saved'


I appear to have a good credit rating since the bankruptcy, I have had an M&S credit card since end of 2011 and have never defaulted on that or anything else.


Thank you for the responses.

sarahskint

my husbands job is a bog standard warehouse job on minimum wage with no prospects so no rises, only guarantee is that he has the job for life, neither of us have any debt at all.

Senior_Paper_Monitor

I had however assumed that the 22K was earned - I think a percentage (high ?) of income from tax credits etc will kill it

Bantex_2

Think you need to up your income.

Soot2006

sarahskint wrote: »

my husbands job is a bog standard warehouse job on minimum wage with no prospects so no rises, only guarantee is that he has the job for life, neither of us have any debt at all.

do you work as well or is it just your husband's job?

sarahskint

I do not currently work, I do the odd bar shift and get cash in hand but that doesn't help much. I am looking at going back to work full time in 2 years, once the kids are that little bit older. My sister works for a hotel chain and so I will be going there. Looks like we will have to try and continue to save and wait.

sarahskint

my husbands wage in total is £14k, would he be able to get a mortgage on his own?