New mortgage with previous mortgage arrears

Heres Johnny

Background - bought a new build house on my own in 2010 after the bust for a good price, 220k.
Flirted with self employment and starting businesses a few years after and got into financial trouble and arrears and mortgage was restructured to capitalise arrears in 2016. Up to date since. Arrears were about 10k.

Current - salary of 60k. Girlfriend salary 50k. Both permanent.
Equity in my current property of about 130k as I had it valued at 300k and mortgage outstanding is 170k.

Future desire - want to upgrade house which would mean getting a joint mortgage.
Looking at houses in the 400k range. Same area, just a bit of an upgrade.

My equity and combined savings are approx 160k so we would be looking at mortgage of 240k which is just over two times joint income.
In a years time equity could be even more and savings could be more so it might be even under twice joint income but who knows.

Will banks entertain me at all with my previous arrears?? Has anyone any advice at all on course of action or even anyone that was in same position?

Dolbhad

Heres Johnny wrote: »

Background - bought a new build house on my own in 2010 after the bust for a good price, 220k.
Flirted with self employment and starting businesses a few years after and got into financial trouble and arrears and mortgage was restructured to capitalise arrears in 2016. Up to date since. Arrears were about 10k.

Current - salary of 60k. Girlfriend salary 50k. Both permanent.
Equity in my current property of about 130k as I had it valued at 300k and mortgage outstanding is 170k.

Future desire - want to upgrade house which would mean getting a joint mortgage.
Looking at houses in the 400k range. Same area, just a bit of an upgrade.

My equity and combined savings are approx 160k so we would be looking at mortgage of 240k which is just over two times joint income.
In a years time equity could be even more and savings could be more so it might be even under twice joint income but who knows.

Will banks entertain me at all with my previous arrears?? Has anyone any advice at all on course of action or even anyone that was in same position?

No experience with it but I would assume if arrears were a few years ago it might be okay and main thing is houses is not in negative equity now. May be one of those situations where going to a recommended broker would be best so they can see which bank is the best shot.

Heres Johnny

No experience with it but I would assume if arrears were a few years ago it might be okay and main thing is houses is not in negative equity now. May be one of those situations where going to a recommended broker would be best so they can see which bank is the best shot.[/quote]

A broker is definitely my best bet but as I sit here on a Saturday evening thinking away to myself and looking at houses on daft I thought I'd get a discussion going.
It's not an urgent thing, I like my house and its suitable but just coming up to 10 years here and having a think about the next 10. It's probably a 2 year plan really.

happyfriday74

A mate of mine ran into arrears around 2011/12 with one of the big banks. Got his mortgage restructured and paid off the arrears.

He went for a mortgage in 2015 and this didn't even come up.

Heres Johnny

happyfriday74 wrote: »

A mate of mine ran into arrears around 2011/12 with one of the big banks. Got his mortgage restructured and paid off the arrears.

He went for a mortgage in 2015 and this didn't even come up.

Thats good to hear. Everything else is in my favor but it is definitely on my credit rating as I bought a copy of it.

Loan to income will be approx 2 times

Loan to value will be about 60%

Both jobs secure and permanent

I have an appointment with a broker at lunchtime anyway and also with a mate of mine in EBS

Interested Observer

Was just about to say a good broker will be worth their weight in gold here so good step there imo. Best of luck.