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  • FIRST POST
    • showmethemundy
    • By showmethemundy 8th Jan 18, 7:03 PM
    • 8Posts
    • 1Thanks
    showmethemundy
    Looking for sub-prime mortgage expert please
    • #1
    • 8th Jan 18, 7:03 PM
    Looking for sub-prime mortgage expert please 8th Jan 18 at 7:03 PM
    Hi

    We have equity and good earnings, but poor credit ratings. We are looking for a mortgage adviser please, that has experience in dealing with these things.

    Thank you
Page 1
    • ACG
    • By ACG 8th Jan 18, 7:04 PM
    • 16,094 Posts
    • 8,277 Thanks
    ACG
    • #2
    • 8th Jan 18, 7:04 PM
    • #2
    • 8th Jan 18, 7:04 PM
    What bad credit do you have? Arrears? Defaults? CCJs? Bankruptcy?
    When were they registered?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • showmethemundy
    • By showmethemundy 8th Jan 18, 8:04 PM
    • 8 Posts
    • 1 Thanks
    showmethemundy
    • #3
    • 8th Jan 18, 8:04 PM
    • #3
    • 8th Jan 18, 8:04 PM
    No CCJs, BR or Arrears,

    1) 15k of bank and credit card defaults under a DMP that we'd be looking to settle with a remortgage - defaults dated between 2012 and 2016
    2) +5k of credit card debt that shows as "up to date" on credit report but which is actually under a DMP
    3) +6k 'charge' on our current property from an old CCJ. The CCJ no longer shows on our credit report
    4) 18k mortgage - up to date

    We own 50% of existing property valued at 90k. So after paying mortgage and charge, equity of approx 66k.

    Married earning 35k and 30k pa.

    Looking to borrow around 115k to buy the other 50% of part-ownership, settle mortgage, charge and release enough to pay off debts.

    To be clear:

    Buy other half of house - 70k
    Pay off existing mortg - 18k
    Pay off charge -6k
    Pay off debts -20k
    Total borrowing -114k

    against 100% ownership of a 200k property

    Thanks
    Last edited by showmethemundy; 08-01-2018 at 8:08 PM. Reason: more info
    • showmethemundy
    • By showmethemundy 9th Jan 18, 10:29 AM
    • 8 Posts
    • 1 Thanks
    showmethemundy
    • #4
    • 9th Jan 18, 10:29 AM
    • #4
    • 9th Jan 18, 10:29 AM
    Anyone able to answer? Thanks
    • Mortgage_Adviser
    • By Mortgage_Adviser 9th Jan 18, 10:52 AM
    • 76 Posts
    • 33 Thanks
    Mortgage_Adviser
    • #5
    • 9th Jan 18, 10:52 AM
    • #5
    • 9th Jan 18, 10:52 AM
    Why don't you use the broker?
    • ACG
    • By ACG 9th Jan 18, 11:41 AM
    • 16,094 Posts
    • 8,277 Thanks
    ACG
    • #6
    • 9th Jan 18, 11:41 AM
    • #6
    • 9th Jan 18, 11:41 AM
    Why don't you use the broker?
    Originally posted by Mortgage_Adviser
    They were asking if anyone knew of a broker, they dont have one as yet.



    Most brokers that advertise they do adverse will probably do adverse.

    Brokers dont tend to advertise doing adverse for the fun of it as there is normally a lot more work involved. Have you had a look on google for local brokers who advertise doing adverse?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • showmethemundy
    • By showmethemundy 9th Jan 18, 12:36 PM
    • 8 Posts
    • 1 Thanks
    showmethemundy
    • #7
    • 9th Jan 18, 12:36 PM
    • #7
    • 9th Jan 18, 12:36 PM
    Thanks. I have contacted justmortgagebrokers
    • getmore4less
    • By getmore4less 9th Jan 18, 1:30 PM
    • 31,158 Posts
    • 18,675 Thanks
    getmore4less
    • #8
    • 9th Jan 18, 1:30 PM
    • #8
    • 9th Jan 18, 1:30 PM
    No CCJs, BR or Arrears,

    1) 15k of bank and credit card defaults under a DMP that we'd be looking to settle with a remortgage - defaults dated between 2012 and 2016
    2) +5k of credit card debt that shows as "up to date" on credit report but which is actually under a DMP
    3) +6k 'charge' on our current property from an old CCJ. The CCJ no longer shows on our credit report
    4) 18k mortgage - up to date

    We own 50% of existing property valued at 90k. So after paying mortgage and charge, equity of approx 66k.

    Married earning 35k and 30k pa.

    Looking to borrow around 115k to buy the other 50% of part-ownership, settle mortgage, charge and release enough to pay off debts.

    To be clear:

    Buy other half of house - 70k
    Pay off existing mortg - 18k
    Pay off charge -6k
    Pay off debts -20k
    Total borrowing -114k

    against 100% ownership of a 200k property

    Thanks
    Originally posted by showmethemundy

    you have 3 different values for the house.

    180k(50% is worth 90k) then
    140k(50% is worth 70k) then
    200k(50% is worth 100k)


    Is is really shared equity based?

    There will also be costs buying out the other bit.
    • thriftylass
    • By thriftylass 9th Jan 18, 1:39 PM
    • 3,178 Posts
    • 26,117 Thanks
    thriftylass
    • #9
    • 9th Jan 18, 1:39 PM
    • #9
    • 9th Jan 18, 1:39 PM
    Hi

    We have equity and good earnings, but poor credit ratings. We are looking for a mortgage adviser please, that has experience in dealing with these things.

    Thank you
    Originally posted by showmethemundy

    Hope you don't mind me asking. Do you have kids or are those salaries just for the two of you. With such good earnings and "only" 20k debt I would rather just pay them off first and then look for a much better mortgage deal. Also if you have a history of debt (reasons?, sorted now?) I would prob not advice to make them secured against your property.
    • showmethemundy
    • By showmethemundy 9th Jan 18, 2:46 PM
    • 8 Posts
    • 1 Thanks
    showmethemundy
    you have 3 different values for the house.

    180k(50% is worth 90k) then
    140k(50% is worth 70k) then
    200k(50% is worth 100k)


    Is is really shared equity based?

    There will also be costs buying out the other bit.
    Originally posted by getmore4less
    I'm no expert, but from what I understand:
    • 180k - because whilst the Housing Association own 50% it's capped as affordable housing
    • 70K - because we've done so much work to the house, we were told we can buy the other 50% and they would take that work into consideration - double glazing, central heating, etc
    • 200k - because once we own 100% it's no longer classed as affordable, and that's what it's worth
    • showmethemundy
    • By showmethemundy 9th Jan 18, 2:51 PM
    • 8 Posts
    • 1 Thanks
    showmethemundy
    Hope you don't mind me asking. Do you have kids or are those salaries just for the two of you. With such good earnings and "only" 20k debt I would rather just pay them off first and then look for a much better mortgage deal. Also if you have a history of debt (reasons?, sorted now?) I would prob not advice to make them secured against your property.
    Originally posted by thriftylass
    I don't mind at all. We have two (5 and 8). We are currently using our surplus to pay off debts as quickly as possible. But because he have a bit of equity we were hoping to release that and pay off debts in one chunk. Because we are part ownership, I don't think we can borrow conventionally against the property to release equity, without increasing our ownership %.
    • feekerry
    • By feekerry 9th Jan 18, 3:09 PM
    • 51 Posts
    • 10 Thanks
    feekerry
    I have sent you a pm(I think!)
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