Tsk. Thanks, landlord.

ambc

Hello - myself and my partner have been left in a bit of a spot and could do with some advice.

Basically, last week we were given notice on the property we've been renting for the last 3.5 years by our letting agency, who said they'd had a call from the owner who wanted to move back in to it.

Cue MASS PANIC as there are very few other properties in the area that match what we need (3 kids, one in local primary just round the corner, one in local secondary just round the other corner, and one who's only 11 months old).

However, the next day, we got another call saying that the notice had been withdrawn. *Phew*, right?

Wrong.

We've just had another call today saying that the owner has given us notice AGAIN.

Now, despite us being a bit (a lot!) PO'd about being messed around like this, it's the landlord's house and I guess he can do what he wants with it. He has said that he wants to sell it though, and will get a valuation and give us an opportunity to buy at a reduced price.

I have zero idea what that reduced price might be, but if its affordable, then I'd like to try and buy it (my folks have said they'd help us with a deposit which might be up to 15%).

However, I'm a bit worried about the whole mortgage application thing for these reasons:

- I was unfortunately made bankrupt in 2007 (discharged 2008) due to a divorce and the circumstances surrounding the divorce, and it included voluntarily handing the keys for my property back to the lender.
- I'm also employed and self-employed, with my income split fairly evenly between the two.
- Finally, my partner works and has a SQUEAKY credit file and history, but currently owns a much smaller property which is let to long-term tenant (with the rental income comfortably covering the mortgage).

I'm guessing these things are all going to make it more difficult than usual to get a mortgage, and my research so far has narrowed my options right down to just one lender - Aldermore.

So, the question is, is it a good idea to go to the lender directly, or not? I keep reading different views on this.

Contemptuous

Hi,

I think you should have more options than just the one lender you mentioned!
You've been discharged from bankruptcy for over 6 years now, which is what most lenders ask for (I believe).
How long have you been self employed for? That's only an issue if you can't provide 2+ years accounts.
Finally, the fact your partner has a mortgage already shouldn't be too much of an issue if the property is self-funding.

ACG

Aldermore wont touch you as you have been bankrupt.
(EDIT) Ignore the above, I have just checked their criteria. It seems my account manager gave me some duff information. It just needs to have been settled for 6 years.

Get in touch with a broker, there could be options.

ambc

Contemptuous wrote: »

Hi,
I think you should have more options than just the one lender you mentioned!

Yes, I'm probably being a bit too hard on myself! Natural worrier.

Self employed for 14/15 years now, although as I said, my income has been split roughly 50/50 between self employment and employment for the last 4 years, and my partner is as steady as they come when it comes to finances.

I really am a safe bet these days, although I appreciate lenders might not have the same attitude!

So would you suggest a whole of market broker, rather than direct to this lender as a first option?

Leon_W

There are also lenders out there who could accept a gifted deposit from your landlord if he offered you a discounted purchase price.


One for a broker as it's not exactly straight forward.

ambc

Leon_W wrote: »

There are also lenders out there who could accept a gifted deposit from your landlord if he offered you a discounted purchase price.

Sorry, I'm not understanding that. Can you elaborate a bit? It sounds vaguely interesting/applicable.