Mortgage broker - ask me anything

Settledebt16

How likely am I to get a mortgage? 15% deposit, joint applicants, one has perfect credit history. Other has a default/repossession 3 years up in dec. Full and final settled over 1 year ago (result of financial abuse from ex) no other issues. I’m getting conflicting advice from brokers I speak to (default person had a aip Refer from Barclays in March pre covid). Desperate to move due to disabled child’s needs.

haras_n0sirrah

Settledebt16 said:

How likely am I to get a mortgage? 15% deposit, joint applicants, one has perfect credit history. Other has a default/repossession 3 years up in dec. Full and final settled over 1 year ago (result of financial abuse from ex) no other issues. I’m getting conflicting advice from brokers I speak to (default person had a aip Refer from Barclays in March pre covid). Desperate to move due to disabled child’s needs.

Barclays won't accept previous repossessions so I don't think that one is a goer
there are lenders who will accept 3 years post repossession so definately don't give up but I would wait for the 3 years to be up before looking to move forward
You need a broker 

Law8

Hi there. Great thread this. So many replies I havent been able to see if a similar question has been asked. Here goes...

Me and my partner are going our separate ways and selling our house. This is the second property we've owned (only one owned a time). I stand to get at least £40,000 out of my half of the sale.

So i'll have £40,000 deposit for a new property, but i'll be applying for a mortgage on my own. A single application, on a salary of 40k a year. I have good credit, never missed a mortgage payment in 7 years. No debt.

Do I stand any chance of being able to buy a property at around 300k? I'll need to borrow at least 230k min for the remotest chance buying anywhere in the area i've lived my whole life.

The frustrating thing is, I pay pretty much all the mortgage on a 375k property now. So it's not like I can't afford repayments on something cheaper.

haras_n0sirrah

Law8 said:

Hi there. Great thread this. So many replies I havent been able to see if a similar question has been asked. Here goes...

Me and my partner are going our separate ways and selling our house. This is the second property we've owned (only one owned a time). I stand to get at least £40,000 out of my half of the sale.

So i'll have £40,000 deposit for a new property, but i'll be applying for a mortgage on my own. A single application, on a salary of 40k a year. I have good credit, never missed a mortgage payment in 7 years. No debt.

Do I stand any chance of being able to buy a property at around 300k? I'll need to borrow at least 230k min for the remotest chance buying anywhere in the area i've lived my whole life.

The frustrating thing is, I pay pretty much all the mortgage on a 375k property now. So it's not like I can't afford repayments on something cheaper.

Honestly I don't thing 300k will be possible. You are probably looking at 190k loan plus deposit
Help to buy may help to boost the property value if needed

Law8

haras_n0sirrah said:

Honestly I don't thing 300k will be possible. You are probably looking at 190k loan plus deposit
Help to buy may help to boost the property value if needed

Thanks so much for your reply. Help to buy is an option but I understand it ends in on 31st March 2021 in its current form which probably wont leave me enough time. Then it's only for first time buyers, so I guess I will  no longer qualify?

I find it hard to believe there are no other schemes or anything really to help people in my position. Effectively I'm being priced out my own local area, despite earning more than the local average wage. Which is absolutely crazy really.

haras_n0sirrah

Law8 said:

haras_n0sirrah said:

Honestly I don't thing 300k will be possible. You are probably looking at 190k loan plus deposit
Help to buy may help to boost the property value if needed

Thanks so much for your reply. Help to buy is an option but I understand it ends in on 31st March 2021 in its current form which probably wont leave me enough time. Then it's only for first time buyers, so I guess I will  no longer qualify?

I find it hard to believe there are no other schemes or anything really to help people in my position. Effectively I'm being priced out my own local area, despite earning more than the local average wage. Which is absolutely crazy really.

Shared ownership isn't just first time buyers - would that be an option?

M.E.

Ideally we would like to help both daughters move up the property ladder. We can afford £25k for each. Neither are first time buyers. In both cases the extra £25k will put them into the next level of property in their respective areas. They are both wanting to move. One daughter is single, the other married with a small baby.

Can we be guarantors? Are family mortgages possible? We are mortgage free on a £700k house (low estimate) and early 70's.

Candice-Marie

Thank you for this thread 
Background:  My husband and I each have a house with a mortgage.  Mine is in the process of being sold. Our plan is to pay off his mortgage with some of the proceeds of the sale and stay there for a few months.  We would then look to sell that house to buy somewhere together. We would need a mortgage of up to £150,000 for the kind of property we're interested in (around £600k). We are 51 and 57 years old. 
In your opinion, what mortgage term can we expect to get, and given our plans is there any advantage in not fully paying off his mortgage (Barclays)?

haras_n0sirrah

Candice-Marie said:

Thank you for this thread 
Background:  My husband and I each have a house with a mortgage.  Mine is in the process of being sold. Our plan is to pay off his mortgage with some of the proceeds of the sale and stay there for a few months.  We would then look to sell that house to buy somewhere together. We would need a mortgage of up to £150,000 for the kind of property we're interested in (around £600k). We are 51 and 57 years old. 
In your opinion, what mortgage term can we expect to get, and given our plans is there any advantage in not fully paying off his mortgage (Barclays)?

There are some lenders who go up as high as 80 but the vast majority are 70-75 unless using pension income
The only reason not to pay off his mortgage would be if there is a penalty - barclays are a max age of 70 I believe so if you need to go higher than that you will need to change lender anyway

haras_n0sirrah

M.E. said:

Ideally we would like to help both daughters move up the property ladder. We can afford £25k for each. Neither are first time buyers. In both cases the extra £25k will put them into the next level of property in their respective areas. They are both wanting to move. One daughter is single, the other married with a small baby.

Can we be guarantors? Are family mortgages possible? We are mortgage free on a £700k house (low estimate) and early 70's.

Guarantors are more to do with income rather than deposit - would the 25k each be from releasing equity from your house?