Falling apart at the seems over mortgage

Contracts_Engineer

There's a chance by August next year we will have £35000 deposit (20%) for the house we currently rent. The Landlord wants to put it on the market if we can not commit to buy by then but wants us to tell him now if we are in a position to buy (for next year).

By May next year I will of been discharged from BR for 4 years and my partners DRO will be 4 years old also. Both credit files are cleaned up and I have a vanquis card. My partner has had massive trouble with Opus who are just about to update there's as settled. She will then apply for a vanquis.

I have read the following:-https://forums.moneysavingexpert.com/discussion/2918012
Is my only option to ring around everyone now as the post above and check their criteria?
Would it be worth me seeing a financial advisor?
Should I contact a specialist broker as my first port of call and if so would they be able to advise me without doing a search? e.g some advice on next year when we have 20% deposit?

Help please

wildheart83

The advice seems to be to go to an independent mortgage broker who will look at all types of mortgages. There's a phrase for it but can't remember it


Good luck and let us know how you're getting on!

foolishboy

..whole of market?

I spoke to a few, but be sure to speak to one who claims to have knowledge in the adverse market - we had a fantastic chap do some searching for us but ultimately placed us with a lender who didn't accept BR (Halifax .. got agreement in principle but failed full application due to criteria).

Ended up with YBS who at the time were happy as long as I was 4 years post BR with no new nasties and no repossession but things will like have changed since then.

Good luck :-)

longtermplanner

Does your landlord want to see any evidence? Beacuse I would be tempted to reply that you have discussed things with a mortgage broker who says that if things remain the same in a year's time you should be able to get a mortgage.

There honestly isn't much point in spending time trying to get a 'real' answer at the moment, because it won't be worth the paper it is written on.

Contracts_Engineer

Foolishboy - who was your broker if you used one? I'm in the midlands.
Longtermplanner - i don't like telling porkies. You are, however completely correct, unless my landlord asks for proof of the principal mortgage!

foolishboy

Contracts_Engineer wrote: »

Foolishboy - who was your broker if you used one? I'm in the midlands.
Longtermplanner - i don't like telling porkies. You are, however completely correct, unless my landlord asks for proof of the principal mortgage!

I wouldn't (unfortunately) be able to recommend for this type of question, like I said we got placed with Halifax who were unsuitable. Try YBS / Skipton - they're both pretty open about their criteria. Nationwide seem to be OK too. Larger banks were useless when I was looking.