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    Must.stop.spending
    taking out mortgage on inherited property
    • #1
    • 17th Nov 12, 1:39 PM
    taking out mortgage on inherited property 17th Nov 12 at 1:39 PM
    I have inherited a house worth approx 250k which i currenlty let out for 1200 per month which is mortgage free.

    the property i live in at the moment has a mortgage of 134k and is worth about 145k. I have 6k of mortgage arrears on top of the actual mortage balance.

    Is it possible to take out a 30k mortgage against the house over 20 years with a bad credit rating?

    the 30k would clear all our debts (inc mortgage arrears) and leave us with one payment per month which would also be alot lower (745 per month on unsecured debts atm)
    i know secured debt means longer repayment and more interst but we would be planning on selling the house in say 2 years therefor clearing the mortgage..

    hoping by doing the above we can take control of our debts by putiting them in one place, my credit file will recover (all my defaults and 1 ccj will be 6 years old in 1 year 15 weeks!) and we will eventually be able to sell the house and use the cash to buy another property.

    im not keen to sell the house yet as we can not get another mortgage to buy a bigger place and i worry about the 200k sitting in the bank plus whilst its rented its earning me money!

    wondering what type of rate i would be looking at with a ccj and 3 defaults. my mortgage arrears are not showing on any of my credit files which i find odd?
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