Any chance of 90% LTV?

Akl14

Hi there

My wife and I sold our home in the summer and decided to rent for 6 months whilst we looked for somewhere bigger.

We have 25k deposit and are looking at places at between 215k and 245k.

We have only just discovered my wife has a settled default for £1000 on washing machine from Comet in 2012. (Partly her fault and partly Santander's)

Otherwise we have no debt apart from a car loan. We settled all credit cards etc..with equity when we sold.

I am newly self employed and don't have 3 years accounts.

My wife is on 48k.

Do you think she will be able to get a mortgage with a 10% deposit.

Many thanks for any replies.

Akl14

Just to add default was 9th March 2013 not 2012.

megaginge

A default 3 years ago likely to be fine.

Why not speak to a mortgage broker and ask them! They can run affordability checks, soft searches. We can't.

43k likely only enough for circa 200k mortgage and that dependant on her outgoings. What was your previous job? Have you got P&L statements that show the business accounts to date? How newly is newly?

Akl14

Thanks for that.

I'm going to email a broker tomorrow but we spoke to him a year ago and he wasn't optimistic then with our discussed 10% deposit. He suggested 20% minimum. I'm hopeful that with 3 years up next month that we should be ok.

I have just started a new business this last year. Before that I mainly traded the stockmarket (gambled) and don't think those earnings are much use!

ACG

If you wait until its 3 years old you will have more options. I imagine there will be 1 or 2 choices now though but one for a broker definitely.

amnblog

Wait until April to apply and expect to pay up to 6%


You might get very lucky and pay half that if the rest of the case is immaculate.

Akl14

Thanks for this. Very helpful.

The mortgage adviser we spoke to before wasn't too helpful. Anyone have any recommendations for who would be best suited to our needs?