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Is it possible to get a mortgage?
Comments
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I think this might be possible (but certainly tight and broker essential). You'll have a better chance if you look at a new build house for that price and use the government help to buy scheme.
Bare in mind new builds are almost certainly overpriced and the OP could be looking at negative equity not to long in the future."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I think this might be possible (but certainly tight and broker essential). You'll have a better chance if you look at a new build house for that price and use the government help to buy scheme.
They may struggle if they also have poor credit as the OP mentioned.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.0 -
Bare in mind new builds are almost certainly overpriced and the OP could be looking at negative equity not to long in the future.
Well anybody with a small deposit could be left in negative equity but it's hardly a problem exclusive to new builds. Going off the limited information available it doesn't look like the clients would be wanting to move in the near future so possibly not a huge concern.
Also, agreed that it might be tough finding a lender potentially but if those defaults were satisfied then they could approach a high street lenders.
Long story short, it's one for a broker to try and work around.I am a Mortgage AdviserYou 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.0 -
Thank you all for your replies. I will try a broker and see what they say. Hopefully all won't be lost.0
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