We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage troubles!!
Comments
-
They say it's the default, but they already knew about it as I send them a copy of the most recent credit report from experian.
They then say no problem come see me I can get you a mortgage so we go along with hopes we finally maybe able to get this sorted to then be told, it's because of the defaults. Rather tedious!0 -
How much is your deposit (percentage wise of the purchase price?
15% deposit and I would think there will be options. Less than that and it comes down to the finer details.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 -
10% deposit, we can get about £260k with a mortgage but it's just being rejected everytime.0
-
I would not rule it out, but it is very hit and miss.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
-
a 15% deposit would put you in a much better position. unfortunately due to your adverse it sounds like you would not be looking at high street lenders however, its hard to say without looking at a credit file. The lenders you will be able to look at are mostly going to want a 15% deposit. Is that feasible?I am a Mortgage Broker
This site doesn't check my status as a Mortgage Broker, 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 -
A 15% deposit is possible, but it would obviously take time, which we don't really have as we are living with parents, we have already spent 6 or so months here saving.
It's so annoying and so difficult to get a mortgage these days, so many hoops! Rather frustrating, I understand I have been silly with my debts/credit before but haven't had a single missed payment for 2 years etc.
Such an uphill struggle! But one day we will get there!! Thanks for your advice all! Anymore would be appreciated.0 -
Could you not just buy a cheaper house? Start small and work your way up?
If you bought a property for say £173,000 your £26,000 saved would give you a 15% deposit?
You say you can get about £260,000 with a mortgage, you clearly can't at the moment so why not lower your expectations. Do what most people do, buy a starter home and then work your way up once wages raise and your three defaults become ancient history?
You have saved a good sum of money there, £26,000 is a lot of money however when buying a property you also need to cost in stamp duty, legal fees, estate agency fees, moving fees etc which reduces your money as a percentage down further.
My advice, if I was you I would either save for longer or buy smaller.
Good luck, hope it works out
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards