Alternative mortgage options

Mattchoo

Hi

My Wife and I are applying for a mortgage at the minute. I have a good credit score but with a mixture of large debts I had in the recent past (just paid off) and a 4 year old default (Just settled) on my wife's credit file, our mortgage broker said we only have one lender who has any chance of offering us a mortgage - we are in N. Ireland. He is going to apply for agreement in principle when our credit files have updated and the lender has advised our application will have to be reviewed by underwriter, so no guarantees.

Obviously I hope we pass the review but broker comes across as quite pessimistic without saying definately no. He said if we are turned down by this lender we will have to wait 2 years to apply again for a mortgage - When my credit file doesn't have as much recent debt and my wife's default is cleared.

Basically.... I want to know if there are any other options open to us. I have a brother and a brother in law, both in very comfortable financial situations and both with mortgages of their own. They have both suggested they'd be willing to help any way needed - If I was to buy a house with them would they be forced to pay thousands in stamp duty? Are guarantor mortgages a thing of the past also, as our broker says they are?

Thanks

amnblog

The credit history of any co-applicant does not negate your own.

Your Broker is correct in saying a guarantor situation will therefore not assist you.

Many of the UK adverse lenders will not lend in NI which complicates the position further.

You have done the right thing by engaging a Broker. Leave it to them to manage this for you.

foxy-stoat

Mattchoo wrote: »

If I was to buy a house with them would they be forced to pay thousands in stamp duty? Are guarantor mortgages a thing of the past also, as our broker says they are?

You would be faced to pay extra stamp duty if you wanted to buy with family - opens up more problems than it causes so forget about that. Listen to your broker.