First time buyer, want a mortgage

Tiddler_2

So your credit is already ruined, yet you expect a loan company to give you a loan of several thousand pounds (even at a high interest rate) and then you want a mortgage company to give you a mortgage.

Sounds like you would need to go to a sub-prime lender, who may not even accept a 10% deposit in the current climate, may only offer a short term deal - up to 3 years, and so in 3 years time you would revert to an even higher standard rate.

You'll then want to remortgage, but wait a minute you have an IVA, and possibly little or no equity in the property. So the chances are you wouldn't be able to remortgage so you are stuck on the much higher rate. Because the mortgage payments have increased you then can't maintain the IVA and so it becomes a bankruptcy, making it even harder to remortgage as the trustee in bankruptcy will have a charge registered on your property.

Yep, certainly sounds like you've found a loophole!!

cleopatra4485

so basically what you are saying is I can never get a mortgage?

Riq

Not never, but you will have to wait it out.

Tiddler_2

Not at all.

Save a largish deposit and you'll be fine, provided you can afford all the payments!!

cleopatra4485

oh well I tried.

But you must admit, my theory could work to get the mortgage

Its just the after burn that would ruin it;)

Barnes4

cleopatra4485 wrote: »

oh well I tried.

But you must admit, my theory could work to get the mortgage

Its just the after burn that would ruin it;)

What's wrong with repaying debts and improving your credit rating that way? Then you can save for a deposit and get an affordable mortgage or does that sound like too much hard work? It's people like you that give people in problem debt a bad name

meanmachine_2

no_more_debt_2006 wrote: »

if you want to give me commets then do so but dont be immature and cheeky I dont want immature kid replying to this thanks.!!!!!!

Aah, I see, so someone wanting something they can't afford, then spitting the dummy when a grown-up tells them they can't have it is "mature".

Jeez.

Instant gratification in adults is an ugly impulse.

I think you'll find I'm no kid. I remember the last property crash and certain people are destined to be chewed up by this new one.

Those who, for example, refuse to take sensible advice from others.

neas

Why do people in debt keep digging themselves further into debt?

Is this psychological ? Or just missing intelligence/Money savvyness?

If you owe money to people... cut dowm, pay the people back and save for a depsoit.

A mortgage is the biggest loan you will ever get... cant believe some peoples stupidity on here sometimes... so much for moneysaving... more like moneylosing ;P

meanmachine_2

neas wrote: »

A mortgage is the biggest loan you will ever get... cant believe some peoples stupidity on here sometimes... so much for moneysaving... more like moneylosing ;P

I can believe it.

Adults are just grown up babies sometimes.

Few actually want real advice - more to be told that the thing they want RIGHT NOW they can have.

12 months ago brokers were gagging to feed their immaturity. Now they can't, so cue millions of wailing "adult babies" whinging about how no one will give them 100% on an asset quickly losing value.

Staggering.

cleopatra4485

Barnes4 wrote: »

What's wrong with repaying debts and improving your credit rating that way? Then you can save for a deposit and get an affordable mortgage or does that sound like too much hard work? It's people like you that give people in problem debt a bad name

I have actually paid off most of my outstanding debt.

The fact is I want a mortgage, stop paying off someone else's mortage and get on the ladder, is that so suprising?

I have applied with no avail (before the credit crunch)

desperate is what I am not lazy, saving is easier said than done, as something else you need to pay for springs up out of the woodworks.