Trade Up 1yr after exiting Split???

M

Murph2023

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Hi there,

Has anybody any experiences of exiting a split and getting mortgage approval to trade up?

We entered a split back on 2013 (roughly)..
At the beginning of 2022 we started paying 1000e per month to the parked amount. We did this for 6mths and then made a 10,000e payment. We then decided to move the remainder of the parked amount over to the serviced amount, therefore exiting the split completely in October 2022.

The aim of the repayments and clearing the split was to be able to trade up. We are approaching a year out of the forbearance and are thinking we might apply in October for approval.

Has anybody had a similar experience and been successful in gaining approval?
 
Who is your lender?
Check your Central Credit Register to make sure it's correct.
Go to a mortgage broker.

It's unlikely you will get a mortgage but a broker might be able to swing it for you if everything else is comfortable.

Brendan
 
Brendan Burgess said:
Who is your lender?
Check your Central Credit Register to make sure it's correct.
Go to a mortgage broker.

It's unlikely you will get a mortgage but a broker might be able to swing it for you if everything else is comfortable.

Brendan
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Thanks for the reply Brendan.

We are currently with EBS but wouldn't be in a rush to borrow with them again to be honest, but beggars can't be choosers ;)
Affordability isn't a problem and we have plenty of equity in our current property. We also have continued to save 1000e per month.

When you say check the CCR, do you mean to make sure the changes have been applied, ie it shows we have exited the split?

Can you recommend a broker or bank to approach? I am a civil servant in case that makes a diff to which bank would be better.
 
Well worth applying for. I would start off having informal discussions with a couple of bank branches. They will very quickly tell you if they would look at your type of application without formally applying for AIP. They should be able to give you some idea on the underwriting requirements and if you meet them. Or use a broker to do the work for you. As Brendan says though, you need to make sure your credit record is correct and is showing a full year of full principal and interest repayments.
 
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