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Is there Any hope? Mortgage after bankruptcy for HOLD shared ownership?
jak
Posts: 2,027 Forumite
Ok I really need some help and I can’t seem to figure out the answer!
I’m eligible for the home ownership for long term disability. I would need a mortgage of £53,000. I was discharged from my bankruptcy just over 6 years ago. My income is purely from disability benefits. I receive a fair bit due to being ill and having a disabled child. I also receive maintenance. Is it possible to arrange a mortgage that is a repayment mortgage for that amount? Where do I start? I have looked into my safe home mortgages but have to wait til I’m 10 years passed bankruptcy and they can only arrange an interest only, which defeats the object in my opinion. I want to have something to leave my son and don’t want to just get the interest only as the esa support for mortgage interest is a loan so would just eat into my deposit and leave him with nothing. I also want to get on with it and move! My deposit with a gift from family would be £7,000. My credit rating is now excellent and I’ve no missed payments for over 6 years. Have credit cards I use and pay off etc.
Is it possible? Or is it hopeless? Any advice?
Help! X
I’m eligible for the home ownership for long term disability. I would need a mortgage of £53,000. I was discharged from my bankruptcy just over 6 years ago. My income is purely from disability benefits. I receive a fair bit due to being ill and having a disabled child. I also receive maintenance. Is it possible to arrange a mortgage that is a repayment mortgage for that amount? Where do I start? I have looked into my safe home mortgages but have to wait til I’m 10 years passed bankruptcy and they can only arrange an interest only, which defeats the object in my opinion. I want to have something to leave my son and don’t want to just get the interest only as the esa support for mortgage interest is a loan so would just eat into my deposit and leave him with nothing. I also want to get on with it and move! My deposit with a gift from family would be £7,000. My credit rating is now excellent and I’ve no missed payments for over 6 years. Have credit cards I use and pay off etc.
Is it possible? Or is it hopeless? Any advice?
Help! X
2022 Comp total (prizes + free spins): £494.81 #20 £12 a day Jan: £382.95/£372 #57 360 1p challenge: £17.70 £10 a day Feb: £571.09/£280 March: £311.96/£310
0
Comments
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how much in benefits/income do you have? debt/ loans
generally can only borrow x4.5 of your income/benefits
Perhaps engage a broker who can look at things in detail for you to see if possible"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I’ve no debts. I have approx £29k in income. Thanks. I’ll have a look for a boker. Where do I find one? Obviously totally clueless sorry x2022 Comp total (prizes + free spins): £494.81 #20 £12 a day Jan: £382.95/£372 #57 360 1p challenge: £17.70 £10 a day Feb: £571.09/£280 March: £311.96/£3100
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