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Any chance of a high street lender?
Wwart
Posts: 9 Forumite
Hello we have a low income but highish deposit and unfortunately my wife has a small mobile phone default.
Me: 19k income
Wife: 6.5k base + 1k OT
Deposit: 25k saved + 10k gifted + money to cover fees.
House price: 160k
Looking to borrow: 125k
Default: £90. 2.5 years old. Settled 1.5 years ago.
Have we got any chance of getting a high street lender mortgage eg lowish rates or should we keep saving?
Me: 19k income
Wife: 6.5k base + 1k OT
Deposit: 25k saved + 10k gifted + money to cover fees.
House price: 160k
Looking to borrow: 125k
Default: £90. 2.5 years old. Settled 1.5 years ago.
Have we got any chance of getting a high street lender mortgage eg lowish rates or should we keep saving?
0
Comments
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Also if latter (to keep saving) how long more?0
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5 x gross annual income (less OT) is a stretch for many lenders. With a default less than three years old I'd say that's going to be tough.
Head for an independent broker now, all three credit files under your arm.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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