Hi,
I have an interest only tracker mortgage for btl properties. They pay for themselves plus I make some money from them too. Loan is with ptsb. I went into arrears for about 4 months last year due to bad advice. I thought tracker would be taken from me and I was thinking I might have to use a pip. I'm paying back arrears now and should be finished by July, or I could pay it all off today if it would help
I'm now looking for a joint mortgage with my wife ( who is not involved with my previous loan ) to buy a family home. We will have the necessary income plus 20% deposit and are both in full time employment.
My question is how should I explain my arrears, and is there any way I can get approval.
We have been renting for last 5 years and have bank statements to show we always paid on time.
Thanks
I have an interest only tracker mortgage for btl properties. They pay for themselves plus I make some money from them too. Loan is with ptsb. I went into arrears for about 4 months last year due to bad advice. I thought tracker would be taken from me and I was thinking I might have to use a pip. I'm paying back arrears now and should be finished by July, or I could pay it all off today if it would help
I'm now looking for a joint mortgage with my wife ( who is not involved with my previous loan ) to buy a family home. We will have the necessary income plus 20% deposit and are both in full time employment.
My question is how should I explain my arrears, and is there any way I can get approval.
We have been renting for last 5 years and have bank statements to show we always paid on time.
Thanks