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Need help
dks
Posts: 25 Forumite
Currently own a house worth approx 160k, mortgage 100k (not a settlement figure it says?) with Halifax on svr.
Had a mortgage since 2009 (ported 2012) never missed a payment or late.
For various reasons we need to move. I posted before wondering if we should rent but we want to buy if possible, even with a sub prime mortgage.
Debt including joint is 31k on a DMP due to to finish Aug 2023.
Income 32k-34k a year depending on bonus. Wife is housewife. 2 young dependents.
Last defaults 2014.
If we sell at 155, taking into account fees etc we would have 45k deposit. We'd be looking at houses between 100-160k but we live in Birmingham so it is expensive.
Dmp repayments are 400pm, take home pay is around 1900pm.
Are there any lenders that would touch us?
No CCJs just defaults and the dmp.
If we can't buy it looks like we'd be selling up to rent.
Had a mortgage since 2009 (ported 2012) never missed a payment or late.
For various reasons we need to move. I posted before wondering if we should rent but we want to buy if possible, even with a sub prime mortgage.
Debt including joint is 31k on a DMP due to to finish Aug 2023.
Income 32k-34k a year depending on bonus. Wife is housewife. 2 young dependents.
Last defaults 2014.
If we sell at 155, taking into account fees etc we would have 45k deposit. We'd be looking at houses between 100-160k but we live in Birmingham so it is expensive.
Dmp repayments are 400pm, take home pay is around 1900pm.
Are there any lenders that would touch us?
No CCJs just defaults and the dmp.
If we can't buy it looks like we'd be selling up to rent.
0
Comments
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Will you be clearing the DMP? (How much is the DMP - as in the balance?).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
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The balance is 31k, about 21 in my name or joint, 10 in wife's name.
Clearing it would be possible but would leave much smaller deposit0 -
I think there would be options if the DMP was cleared and you had a 15% deposit, possibly with a 10% deposit but I am not sure if the lender I am thinking of still does 90% or not.
You may even find you can get a settlement figure for the DMP.
Speak to a broker, there could be options in and around the 4-5% mark on a 2 year fixed rate.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 -
Similar situation and we have a mortgage offer.
You could do full and final settlements and clear the dmp for about 20k leaving a decent deposit.
Our mortgage is 5.34%. We are putting 20% deposit down. Inbox me if you want to know the lender.0 -
If the rate is 5.34% with a 20% deposit, I think there must be some differences as I think that rate can be bettered for our thread starter.getinmyselfoutadebt wrote: »Similar situation and we have a mortgage offer.
You could do full and final settlements and clear the dmp for about 20k leaving a decent deposit.
Our mortgage is 5.34%. We are putting 20% deposit down. Inbox me if you want to know the lender.
Im assuming your defaults are more recent maybe?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
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