Applying for mortgage with default

Richmc1983

Good Evening

I currently have a mortgage but i am needing to sell my house to buy another house in another town but i have a satisfied default on my record from 2012, I will be looking for a 90% mortgage.

My current mortgage is with HSBC but from what i have been reading i am best going to a broker instead due to the default.

Any advise would be great

Rich

MLSY

Hi rich
Based on your situation get a copy of your credit file and see a mortage broker who can advise further

Richmc1983

Hi Thanks for reply

Quick question, I have found a house i really like to buy but i am needing to sell my house 1st etc,

My current house, 250k mortgage left, house value roughly 375k
New house 440k
My salary for year 175k

What is the chance of getting accepted with another mortgage before i manage to sell my house to allow me to put a offer on and then secure a final date.

Thanks for any replies in advance

Rich

MLSY

hi Rich
depends on the credit file and a lender who's affordability calculation will stretch to cover you for both mortgages if the HSBC wont be redeemed by completion on the new property

Richmc1983

Hi

I think due to the default on my record the HSBC wont look at me again for mortgage, Reason why i was asking about broker's.

I mean by my question is, would i be able to get another mortgage agreed for new house before i manage to sell my current home?

MLSY

Hi

potentially yes if a lender for the new property is happy to lend based on your credit history and the affordability covering both mortgages if the HSBC will not be repaid by completion

Richmc1983

MLSY wrote: »

Hi

potentially yes if a lender for the new property is happy to lend based on your credit history and the affordability covering both mortgages if the HSBC will not be repaid by completion

Hi

Are you able to point me in right direction regarding lenders that would look at me regarding the above and a default etc.

MLSY

hi Rich
not that easy would need to know the full details to give advice on which lenders for your circumstances which cannot be done on a forum
That is why you need to contact a broker who can go through all your circumstances and advise accordingly

Richmc1983

MLSY wrote: »

hi Rich
not that easy would need to know the full details to give advice on which lenders for your circumstances which cannot be done on a forum
That is why you need to contact a broker who can go through all your circumstances and advise accordingly

Hi

No problem, Thanks for taking the time to give me the info you have, I will look for a good local broker and see what advice they can give me regarding this.

Thanks again.