mortgage help

A

appleman

Guest
Hi all,
i have found a dream home. it is 190k, i earn 42k per year. my concern is getting the mortgage, my credit history is not the best from before. i have applied to blue sky mortgages, on paper it looks good, i got ref from my letting agent saying i have paid 850 pm rent perfect for the last year, i have a secure job with pension, will my past haunt me.... i was told by my local county council that i can get the shared ownership no problem, as they take each case on its own merits but i would prefer the normal route. how are my chances in getting this mortgage from blue sky, please help
 
Blue Sky won't actually be lending you the money - it will be one of the banks or building societies or possibly one of the "sub prime" lenders if they are still in business. How bad is your credit history? How long ago was it bad? You won't be able to hide a bad history.
 
appleman said:
Hi all,
i have found a dream home. it is 190k, i earn 42k per year. my concern is getting the mortgage, my credit history is not the best from before. i have applied to blue sky mortgages, on paper it looks good, i got ref from my letting agent saying i have paid 850 pm rent perfect for the last year, i have a secure job with pension, will my past haunt me.... i was told by my local county council that i can get the shared ownership no problem, as they take each case on its own merits but i would prefer the normal route. how are my chances in getting this mortgage from blue sky, please help
Click to expand...

Heres some factors that mortgage companies consider:

· Overdraft Facility should be low (preferably not in use)
· Strong /low LTV – Max LTV 80%
· Strong Salary – Preferably no more than 5 x Gross Salary
· Minimum Employment Duration 1 Year

I would advise checking you credit rating on http://www.icb.ie/

Your credit history may have a saying on what they will or will not get you.

You should ask blue sky mortgages some of your concerns. They are brokers and should be able to give you some indication of how healthy your application is.
 
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