Advice please

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KB2018_2
KB2018_2 Posts: 4 Newbie
in Mortgages & endowments
Hello

I have inherited a property worth 430K with no mortgage.
I need to get a mortgage out on it for 100K
I have a poor credit score due just to being in debt. Around 12K. And a couple of defaults over 5 years ago. And a couple of missed payments 2 years ago.
I have an income of 33K a year.
Am i likely to get a mortgage? I am obviously going to go to an adverse credit broker however i am losing sleep worrying i am wasting time and money. Any advice is much appreciated :beer:

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  • ACG
    ACG Posts: 23,727 Forumite
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    Should be fine, the adverse is quite old and the LTV is quite low so there should be options at decent rates.
    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.
  • KB2018_2
    KB2018_2 Posts: 4 Newbie
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    Thanks for your reply, even though i am in 12K debt do you not think this will be a problem?
  • ACG
    ACG Posts: 23,727 Forumite
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    Having debt is not a problem providing it is manageable and you are keeping up repayments on time.
    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.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    What you need to do is understand if you can afford the mortgage given you needed more money than you earned in the past.

    Has enough changed to make it affordable.

    Do you really need £100k(£88k after the debt) immediately.

    Even with good rates that's £150pm in interest which may not all be need to be paying if you can phase the borrowings

    It is a lot easier to sell the affordability story if you believe it and have already have a robust budget.
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