mortage

underpass909's picture
Wed, 10/28/2009 - 16:56
by underpass909

Can you get a mortage after you have been discharged from bankruptcy even if it is still on your credit file.

bordercollie's picture
Fri, 04/30/2010 - 00:07
by bordercollie

Puzzled Oh now that is an interesting post you have there my friend.

There is no reason why you can not apply for one. I think it depends on your credit rating even if you have a good job now and are all paid up.

I would suggest you check your credit file. I think if you were to type in check credit file or credit report in the search box on here you will find a link that will do the job.

Hope that is of use to you. If you get chance would be of general interest to here how you get on.

Good luck.

Darrell

SteveDaWonder's picture
Tue, 07/27/2010 - 13:52
by SteveDaWonder

Here's a bit of interesting, albeit depressing information: did you know that 'mortage' means 'until death'? I always found that somewhat amusing considering how many people sign themselves up for this contract! In response to your querie; some of the richest people today were once dirt poor, so if they could recover and get a mortage on property, I don't see why you can't! Good luck mate!

coolseeker's picture
Wed, 08/11/2010 - 17:07
by coolseeker

Thanks for that Stevie... as if HAVING a mortgage wasn't bad enough, now we have to know that it means 'until death!' Very few of us can afford to buy a house without a mortgage, so it more of an inevitability than a choice!

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  • Can i walk away from my 2nd mortage with one lender without it affecting my 1st mortage with another ?

    I have a buy to let mortage on a house with tenants in it in 20000 negative equity. If i let them take it, can they force me to sell the house i live in, (which is with a different lender) to recoupe the 20'000 ?
    The previous answers seem to be American and seem to have misunderstood the question.

    A mortgage is a loan secured on property. If the loan is not repaid in accordance with the agreed terms the lender has several methods they can use to recover the money owed. The most common is the right to repossess the property and force its sale in order to repay the debt. But, amongst others, they can also (or additionally) sue you for the debt.

    It appears that you have mortgage 1 on property A, which is a normal residential mortgage on your own home. And you have mortgage 2 on property B which is a buy to let mortgage on a property you let out.

    If you default on mortgage 2 the lender will have a right to repossess property B, but they will not have a direct claim on property A, so your house is safe in the short term. However, if the sale of property B does not raise enough to cover the debt the lender is still entitled to attempt to recover that money in other ways. As you are in negative equity this seems very likely.

    So the lender could sue you for the amount owed (say £20,000). This would be a clear cut case so they would win. Once they have judgement they have all the normal enforcement options open to them. They could send round bailiffs, take the money out of your earnings, or take money in your bank accounts. They also have the option to apply for a charging order on any property your own - eg property A. Once they have this they can apply for an order for sale. This is basically the same as a mortgage repossession.

    The only difference is that the lender for mortgage 1 takes priority, so unless you have significant equity on property A it might not be worthwhile for the lender to so this. But there is nothing to stop them applying for the charge order now, which will then stay on the property indefinitely. So when you gain enough equity they could apply for a sale then, or if you sell in the meantime they can take as much as they can out of the proceeds.

    So it is quite possible that if you walk away from one mortgage the other house could still be at risk.

  • If i sell my house to pay up my mortage, what happens to the money I have paid off already?

    I took out a 100% repayment mortage so borrowed £137,500, if i sell after the first year I have to pay back an early repayment charge of 1%. After the first year I would have paid off £10,000. Do I have to pay back £138,875 or interest on top aswell? And what happens to the £10,000 has this just paid off interest?
    Sad to say that mortgages are front weighted in interest. You should get a mortgage statement each year which says how much is left, but i would suspect you have paid off less than £2000 of the total so far and probably less than that.

  • Can I have a mortage with my partner without taking his finances into consideration?

    Can I have a mortage with my partner without taking his finances into consideration?
    Or can I put his name on owning the same property but just I buy it?
    Any time an additional individual is used to get approved for a loan, they are considered as though you are married. All information is used for the financing, debt, income & assets.

  • How do you cope, when you lose your job and have a mortage?

    My partners work place is going to be made redundant soon.
    We just worried how we going to pay our mortgage.

    we were also planning for a family, but thats scrapped seeing as he isnt going to have a job in few weeks/months

    i work full time too, but its not enough for me to cover everything on my own.

    we both really worried. we try to work our hardest for better future, but now things just looking like there is no light in our tunnel.

    people who experienced job cuts how are you coping?
    Have a chat with your mortgage provider,see if you come to an arrangement,like extending the length of time,ie 25 years to 30 years,so lowering your monthly repayments. It is best to talk to them now rather than start missing payments.
    Start applying for new jobs/sending out CV to other companies.Maybe your man can retrain/get more qualifications. Maybe you could get a second p/t job !
    Look at your budget,can you cut down on spending.Check out the best deals on your utilities bills. Is it possible to sell the car?
    Do you have a spare room / garage you could rent out ?

    I know its tough my OH lost his job just after we had our 2nd child.It was grim for a while,serious belt tighting time. My sister paid me to clean her house at above average wage,which helped a bit,but it made me feel indebted to her,it wasn't ideal.My OH decided to become self employed,doing home maintenance.He got lots of personal recommendations and work poured in,so he could be choosy about what he did [not keen on decorating]
    One plus thing is it made us closer,although it was the opposite for friends also struggling with jobs/money.
    There is light at the end of the tunnel hun,you will get there,just keep your head up and believe.
    good luck

  • What is better to rent a house or to get a mortage on a house?

    I'm looking to move out of my parents house and have a steady job with decent pay, should I rent a house (3 bedroom), or get a mortage for a house (3 bedroom)?
    They both have their advantages and disadvantages.

    Advantage - rented
    * If a boiler breaks down, you don't have to pay.

    Disadvantage - rented
    * Just browse through questions on here relating to renting.
    * Paying someone elses mortgage

    Advantage - mortgage
    * It's yours, and can do what you want.

    Disadvantage - mortgage
    * Expensive to start and you pay for anything that breaks down etc

  • How much do you pay a month for a mortage?

    If a house is £85, 000 how much would that be paying back monthly?
    It depends on the loan percentage, and the number of years over which the mortgage will be spread. Can you give that information?

  • Can you arrange to skip one mortage payment per year?

    We've getting married next month and wanted to skip one months payment to have a bit of extra cash for honeymoon, the bank is closed this afternoon so i can't call to enquire, we'll have our mortgage 11 months then. We're with Natwest. Any ideas???
    Can I just say to the guy answering from the states, it can be done here in the UK with permission from the bank but depends what bank you are with and there terms, so get off your high horse and stop preaching heh!
    If you read your mortgage papers (the realty note) you will see that you can never skip a payment. If you do, the next payment you send will be credited first to the late charge on last month's missed payment. Which means, of course, that your payment is not adequate to cover your current month. So your payment will be a 2nd month that you have not made a "full" payment. That is grounds to begin foreclosure. At any point, the lender is allowed (it doesnt seem fair) to add $1,000 in attorney's fees since they will have to notify their attorney that you are "behind". Please don't skip your payment "because we are getting married". Could you tell your landlord that you are going to skip your rent this month because you are getting married? The sheriff would be at your door in 30 days with a locksmith to change the locks.
    I know this isn't the answer you were hoping to hear.

  • I'm interested in buying a property for the buy-to let market. What type of mortage should I get?

    Should I get interest only or repayment mortgage. If interest only, then when should I repay, the loan part?

    Some people's rental income just about pays for the interest only, so how can they make enough to pay for the capital part of the loan? Especially when they have several properties? They seem to be well off even though they don't in reality own the properties!
    First find out how much the insurance is going to be. I was going to rent out a home I own but when I checked with the insurance company I found the insurance would go way up and negate any money I would make by renting it out.

  • Can I be evicted because my landlord hasnt paid his mortage ?

    I received a letter of eviction today addressed to my landlord as he hasnt paid the mortage on the property. The letter is from the County Court and states a date of eviction.

    We took out a year contract with the letting agents in November so can we now be evicted for something that this nothing to do with us ? What rights do we have ?

    I'm in the UK btw
    Tom C has indentified the issue and your options. You can take as much legal advise as you want and visist the CAB every day. The legal answer is the same, and it is this:

    1. The lease falls as soon as the possession order is granted in favour of the mortgage company.
    2. The mortgage company have no obligation to honour your lease and will not do so, believe me.
    3. Any legal recourse you have is against the landlord personally. As he can't afford the mortgage you may think this is a fairly remote option.
    4. You have no recourse against the lettings agency.

    Sorry, but that's the way it is.

  • can i get my buisness to pay 10% of my mortage interest payments? i work from home.?

    I run my buisness from home, although im allowed to deduct 10% from my gas/elec and council tax payments as expences what about the mortgage payment? We currently pay £850 interest p/month, getting the business to pay 10% of this would be great. Can I?
    I am sure that you cannot do that as it is a capital purchase for living in. And it would be tantamount to renting a business premise which may involve you in the setting of a business rate as well ( national non domestic rate ). You can only claim what costs are uniquely involved in running your business .... buying a home does not come into it.