Hi there,
My husband and I went to see a whole of the market mortgage adviser yesterday and I wonder if anyone could clarify some of his suggestions?
I'm technically a FTB (had a mortgage 5 years ago, but renting atm) and have 2 defaults. One is dated Jan 2009 for £8000, and one is dated April 2008 for £800. Both are now fully paid off. I understand that this makes it very difficult to get a mortgage and we'll obviously pay higher rates and need a higher deposit.
I earn £38k and my husband is jobseeking as he has just graduated.
We are seeking a mortgage of £85k for a property worth £100k. We have £15k deposit and about 2k for fees etc.
The guy we saw told me to apply as a sole applicant and to state that my husband and I were separated. I understand the reasoning behind it, but did not feel comfortable at all with this - is this standard practice? It strikes me as fraud!
He recommended a mortgage with Aldermore, at 80% LTV. We got a DIP on this, which is great, but at only 80% LTV it prices us out of a lot of properties due to our deposit (we're stretched for that as it is). Does anyone know of any adverse credit lenders who would look at 85% LTV?
The one thing in my favour is my salary I believe, so we'd like to stick with £100k properties. If we can only get 80% LTV, we'll probably be unable to buy something right now and would just wait until my credit clears up and we have a bigger deposit - baby on the way and renting a house in disrepair makes me just want our own place at the moment!
Many thanks for any advice!!
My husband and I went to see a whole of the market mortgage adviser yesterday and I wonder if anyone could clarify some of his suggestions?
I'm technically a FTB (had a mortgage 5 years ago, but renting atm) and have 2 defaults. One is dated Jan 2009 for £8000, and one is dated April 2008 for £800. Both are now fully paid off. I understand that this makes it very difficult to get a mortgage and we'll obviously pay higher rates and need a higher deposit.
I earn £38k and my husband is jobseeking as he has just graduated.
We are seeking a mortgage of £85k for a property worth £100k. We have £15k deposit and about 2k for fees etc.
The guy we saw told me to apply as a sole applicant and to state that my husband and I were separated. I understand the reasoning behind it, but did not feel comfortable at all with this - is this standard practice? It strikes me as fraud!
He recommended a mortgage with Aldermore, at 80% LTV. We got a DIP on this, which is great, but at only 80% LTV it prices us out of a lot of properties due to our deposit (we're stretched for that as it is). Does anyone know of any adverse credit lenders who would look at 85% LTV?
The one thing in my favour is my salary I believe, so we'd like to stick with £100k properties. If we can only get 80% LTV, we'll probably be unable to buy something right now and would just wait until my credit clears up and we have a bigger deposit - baby on the way and renting a house in disrepair makes me just want our own place at the moment!
Many thanks for any advice!!