Advice on Mortgage and would like to sell and move house - Need urgent guidance

RRS1999

Hi There
Current situation -   joint salary 63k, approx. 30k equity in the house, x1 loan for car -£160.00 per month, x1 CCJ (see below) repayment plan -£75
we are left with approx. 2.6k each month disposable income
Credit score = Wife average (no CCJs or defaults) mine = fair ( 2 defaults 5 years ago and 2 CCJ's (x1 settled 4 years ago and x1 from 2018 active with £3k remaining)
If we sold the house, would pay active CCJ off and settle
we would like to move house for approx. 240k and put 10% down as a deposit from the equity of current home
What are the chances of getting a mortgage, dont want to go through the process and be rejected
I know nothing about mortgages and your advice and help would be much appreciated.

K_S

@rrs1999 At 90% LTV, it's very very unlikely that you'll pass the credit-scoring done by the mainstream lenders that currently offer 90% LTV products.

If you wanted a mortgage now, based on the limited info in your post, I'd say you're looking at a 20% deposit.

RRS1999

Hi there - Thanks - I understand mainstream high street lenders will be a no, however would we have any problem going through adverse credit lenders such as Precision or another who would be happy to accept the 90% LTV mortgage products, I know it will be at a higher % amount.

K_S

RRS1999 said:

Hi there - Thanks - I understand mainstream high street lenders will be a no, however would we have any problem going through adverse credit lenders such as Precision or another who would be happy to accept the 90% LTV mortgage products, I know it will be at a higher % amount.

@rrs1999 I'm afraid there aren't any currently, at least afaik. Even in the pre-covid era, I don't recall 90% LTV adverse products being particularly widely available.