Please Please Help.......

stevo1405

I am at my wits end , I have entered into an agreement to buy a house with Wimpey , they have got someone to buy my house at a low price and they are making the difference up , i just cant seem to get the finance on the new house even though i am putting 15 % down im hitting a brick wall because of mortgage arrears in the past . Im about 7k behind going back to a bad spell last year , i only want to borrow 150k our household income is 60k p/a , no ccjs but the arrears are causing us big problems , if i pull out im down my £500 reservation and they will hit me with costs and i really need to move to downsize to get straight and survive , can anyone help please............

minimike2

Have you spoken to a mortgage adviser sourced locally or the one that Wimpey put you in touch with?

A trip to someone independent would be the best bet, they can take a look at your past credit record and advise if your profile fits any lenders current criteria.

homer_j_3

Until you have exchanged contracts I fail to see how you are liable for their costs.

How many months arrears have you been in the following periods?

Last 3 mths
months 4-6
months 7-12
1-2 years

Who is your current lender?

stevo1405

homer_j wrote: »

Until you have exchanged contracts I fail to see how you are liable for their costs.

How many months arrears have you been in the following periods?

Last 3 mths
months 4-6
months 7-12
1-2 years

Who is your current lender?

hi last 3 months ok
months 4-6 1 month
months 7-12 4 months

mortgage with C + G

i have spoken with an independent but he says without 20% (which i havent got) i havent got a chance

minimike2

4 Months in 12 is quite high however I can think of two lenders off the top of my head who would be ok with this, subject to fitting on other credit criteria and would be happy with 15% down.

If I were you I would look for another adviser, maybe ask about and see if you can find someone who is experienced in the Adverse market. Did the other adviser simply dismiss it as not being deal-able or did they actually go and look about for you before saying that?

SouthCoast

our household income is 60k p/a

And your annual expenditure is...................

homer_j_3

I think there will be lenders prepared to do this but you will be looking like 9% interest rate which is the scary bit.

homer_j_3

minimike2 wrote: »

4 Months in 12 is quite high however I can think of two lenders off the top of my head who would be ok with this, subject to fitting on other credit criteria and would be happy with 15% down.

If I were you I would look for another adviser, maybe ask about and see if you can find someone who is experienced in the Adverse market. Did the other adviser simply dismiss it as not being deal-able or did they actually go and look about for you before saying that?

Its 5 months in arrears

stevo1405

minimike2 wrote: »

4 Months in 12 is quite high however I can think of two lenders off the top of my head who would be ok with this, subject to fitting on other credit criteria and would be happy with 15% down.

If I were you I would look for another adviser, maybe ask about and see if you can find someone who is experienced in the Adverse market. Did the other adviser simply dismiss it as not being deal-able or did they actually go and look about for you before saying that?

he just dismissed it , can anyone recommend anyone in the adverse market ?

minimike2

I may have misunderstood how its been written - even still at 5 in 12 there are lenders that will do it - but yes at rather high rates.

stevo1405

homer_j wrote: »

I think there will be lenders prepared to do this but you will be looking like 9% interest rate which is the scary bit.

as im reducing my mortgage and im paying 7.6 % at the moment i could live with this , can you help ?