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Insolvency and Late Payments
Options
Kashinoda
Posts: 97 Forumite
Wishing to get a mortgage later this year but had some queries.
Will an existing insolvency cut out many lenders? I know some (i.e. Santander) say they will not provide a mortgage if you have EVER been made bankrupt. I had a DRO in 2012 and my 6 years is up in May, so will have no majorly adverse credit factors such as defaults.
What I do have is 4 late payments, 2 in 2015 and 2 in 2016. Other than that I have done fairly well with repairing my credit, and have no outstanding balances.
The mortgage will be for 35% LTV, my uncle will be selling me his house valued at £285k for £100k. I earn £25k +£5k bonuses.
Should I be heading down the broker route or could I attempt high street lenders?
Will an existing insolvency cut out many lenders? I know some (i.e. Santander) say they will not provide a mortgage if you have EVER been made bankrupt. I had a DRO in 2012 and my 6 years is up in May, so will have no majorly adverse credit factors such as defaults.
What I do have is 4 late payments, 2 in 2015 and 2 in 2016. Other than that I have done fairly well with repairing my credit, and have no outstanding balances.
The mortgage will be for 35% LTV, my uncle will be selling me his house valued at £285k for £100k. I earn £25k +£5k bonuses.
Should I be heading down the broker route or could I attempt high street lenders?
0
Comments
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Where's your Uncle going to live?
Start with a mortgage broker. Quickest way of finding out your options.0 -
Thrugelmir wrote: »Where's your Uncle going to live?
Start with a mortgage broker. Quickest way of finding out your options.
The property is BTL, so he's going to have to pay a fair bit of capital gains tax.
Will go the broker route then :beer:0
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