Mortgage likelihood

Poodle34

Hi,

No judgement please, but can someone let me know if there is any chance of a successful mortgage application with the following:

Husband and I ex bankrupts 2009 so no longer on file

Did ok with rebuilding credit file at first, but both have a couple of defaults 2 years old due to employment issues.

Joint income of 62k

Deposit of 30k

Want to buy a house for 250k

Any thoughts?

Thanks in advance

ACG

You are probably going to need a 15% deposit.
You may get it through with less but I think the combination of both lots of adverse is probably going to be an issue.

Rates could be high street, but I think more than likely around the 5-6% mark.

Poodle34

Thanks, forgot to also mention that husband is now 51. Do you think this will cause a problem. I am 7 years younger.

Thrugelmir

Poodle34 wrote: »

Did ok with rebuilding credit file at first, but both have a couple of defaults 2 years old due to employment issues.

Said non judgementally. Hopefully now you've learnt the lesson. Rebuilding ones credit history doesn't require one to take on unaffordable levels of debt. Simply managing access to credit facilities in a proper manner will suffice.

The issue with age is the term over which a lender will advance the money. As mortgage terms that run into retirement years will need to funded somehow. Simply saying that you will continue working may not suffice.

Poodle34

Lesson learnt and as I said, only reason for subsequent defaults was due to employment issues. They were for very small amounts which makes it all the more frustrating.