Mortgage advice
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Any advice on how difficult it is to obtain a mortgage if you have an unspent conviction- my son is looking to buy a flat and has had an offer accepted but now needs to secure a mortgage.
We are willing to act as guarantors for him.
We are willing to act as guarantors for him.
The charity NACRO have some information on housing (around mortgages) on their website, so it maybe worth giving them a call. Unlock could be worth contacting as well.
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Hi, it is possible to get a mortgage with an unspent conviction. What most people find difficult once secured however is the building insurance. Possibly worth researching potential costs.
Some lenders do offer guarantor mortgages. This could be an option if your son can not secure a standard mortgage. With your affordability/assets assessed in the event you are relied upon for payment.
Good luck x
Some lenders do offer guarantor mortgages. This could be an option if your son can not secure a standard mortgage. With your affordability/assets assessed in the event you are relied upon for payment.
Good luck x
Thank you we are looking into building insurance costs and have a scheduled phone call with a mortgage broker tomorrow morning.
We contacted a firm of mortgage broker earlier today and told them about the situation- sadly they came back to our son saying that it was against their policy to assist him ????
We contacted a firm of mortgage broker earlier today and told them about the situation- sadly they came back to our son saying that it was against their policy to assist him ????
I can't speak for mortgages as we secured ours just before conviction but home protect are good for insurance
Thank you
Home protect are very good. They were very kind on the phone when i was arranging household and building insurance. They are more expensive but there are not many companies who will insure with a unspent conviction. I am surpised as surely this is a gap in the market if you think of the high numbers of all the population with a conviction!
Thank you we will contact them tomorrow
I must stress, USE A BROKER.
We are in the process of moving (buying a larger family home together, selling both our individual properties) and using a broker. She has stated there will be no issues getting our mortgage as we will just go with a lender who doesn't ask the question about convictions. One that only asks about money crimes.
You have got to think, there would be A LOT of people who don't own their home if it was a blanket ban on lending to people with a criminal conviction.
Yes we're aware the insurance will be a higher rate, but there are insurers out there. We've also contacted his VISOR about our new address and they have on email (so a paper trail, so they can't suddenly turn around and say they didn't say it like they like to) stated that they have no problems with the new address we are purchasing.
My advice is don't try and go through the process of getting the mortgage yourself. Use a financial advisor or broker! They have access to LOTS of lenders, some you may never have even heard of!
We are in the process of moving (buying a larger family home together, selling both our individual properties) and using a broker. She has stated there will be no issues getting our mortgage as we will just go with a lender who doesn't ask the question about convictions. One that only asks about money crimes.
You have got to think, there would be A LOT of people who don't own their home if it was a blanket ban on lending to people with a criminal conviction.
Yes we're aware the insurance will be a higher rate, but there are insurers out there. We've also contacted his VISOR about our new address and they have on email (so a paper trail, so they can't suddenly turn around and say they didn't say it like they like to) stated that they have no problems with the new address we are purchasing.
My advice is don't try and go through the process of getting the mortgage yourself. Use a financial advisor or broker! They have access to LOTS of lenders, some you may never have even heard of!
Thanks for the advice we have gone with a mortgage broker and have been told today that one lender has agreed in principle so just waiting to finalise now fingers crossed
How much more expensive is insurance a few % or 100s
My insurance was about £200 more expnesive and not as good with what it covered.
Wow that's awful
Life ruined- Thanks for the advice we have gone with a broker who has found a lender who agreed a mortgage in principle so are now waiting for the underwriter to either accept or reject .
At what stage did you inform the Visor about the intended move ?
At what stage did you inform the Visor about the intended move ?
Sorry it's taken me a while to reply. I don't often come on here now.
We informed them when we had booked a viewing on it. We have since had our offer accepted. Obviously there was no guarantee this would have happened but if we had to look elsewhere we would have still told them before putting an offer in.
It's important to note they wouldn't have been able to stop us moving there either. My OH doesn't have any contact restrictions. His restrictions are only around device usage.
Xx
We informed them when we had booked a viewing on it. We have since had our offer accepted. Obviously there was no guarantee this would have happened but if we had to look elsewhere we would have still told them before putting an offer in.
It's important to note they wouldn't have been able to stop us moving there either. My OH doesn't have any contact restrictions. His restrictions are only around device usage.
Xx