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Mortgage
Hampsey1a
Posts: 11 Forumite
Hi. So I am looking at purchasing a property for £90,000. The market value is currently £115,000. I am purchasing off of a family member.
I have 2 defaults which are satisfied and are 2 years old. I have no other debt all are paid off and haven’t missed any payments in 16 months. I have £4000 in a help to buy ISA and also around £6000 in savings. Would I be able to get a mortgage with this? And could anyone point me in the right direction. Thanks
I have 2 defaults which are satisfied and are 2 years old. I have no other debt all are paid off and haven’t missed any payments in 16 months. I have £4000 in a help to buy ISA and also around £6000 in savings. Would I be able to get a mortgage with this? And could anyone point me in the right direction. Thanks
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Comments
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@hampsey1a Effectively, that's almost 70% LTV, borrowing 80k on a property worth 115k. At that LTV, even though it's a concessionary purchase, and your< 3 year old defaults, you should have options with the right lender. I would recommend getting in touch with a broker as quite a few boxes need to be ticked to get to the right lender. Good luck!
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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