Is this possible

Landofwood

JAMESW wrote: »

I wish!

We are getting an agreement set up with the solicitor. I'm not interested in her money.

Funny as if it wasn't for woman I would be quite wealthy and would own a property outright with no mortgage as well.

Life hey?!

Not so nice!

Get a recommendation for a local broker :-)

andyfromotley

JAMESW wrote: »

Not that we would as we want a nice home for out family. Not too much to ask for I wouldn't of thought?! But say we didn't pay out mortgage payments surely the lender would be guaranteed to get their money back, plus some. So where is the risk for the lender? Or am I being too simplistic

Yes you are james, and you're missing the point tbh. The lender does not want to have to repossess your house with all the hassle and expense involved in that.

What they want you to do is pay your mortgage each and every month, on time, in full and without fail. This is where you present a risk as you have recently had debts with which you did not do this!!!

This is what they are assessing you on. As advised by others you need to get a broker who has experience of adverse credit. I think you will probably get a mortgage but i doubt it will be with a high street lender.

Thrugelmir

JAMESW wrote: »

So where is the risk for the lender? Or am I being too simplistic

Lenders have a finite amount of money to advance. So they reduce their risk exposure by raising the hurdles for potential borrowers to get over in order to weed out the applications. They are then left with those that potentially meet their criteria. Customers that meet their target market.

You are looking upwards from your position. Mortgage books are run looking downwards on the basis of thousands of mortgages. A totally different perspective.