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Mortgage with bad credit
toffee81
Posts: 4 Newbie
Hi Guys, first time poster long term lurker!
Basically I need a mortgage that will lend with bad credit.
Here is the story with apologies if i start to go off on one!
Have just sold our house for a really nice tidy profit. Bought it for £57,000 and sold for £163,000 :j
This is where the problems start - our current lender (Barclays) will not give a mortgae in order to buy the house we have offered on. The house we want has accepted for £253,000 so with a deposit of £83,000 - £85,000 we want to borrow £170,000 ideally for renovation work but would settle for £155,000.
The Abbey agreed in principal through our 'financial advisor', but then turned down the mortgage application after further investigation. I got into a little bit of debt about 5 years ago, I know some people say little and it turns out to be £100,000 but this was at max £5,000 which has all been cleared and is no payments going out to them or anything at all!!!
Because there were a couple of CCJ's (£300) and credit stays listed for 6 years we are not having luck. I don't want to approach loads as obviously this all shows up on your report.
Does anyone have any ideas of who could possibly help or any advice as we really don't want to lose this house as it really is a steal _pale_
Basically I need a mortgage that will lend with bad credit.
Here is the story with apologies if i start to go off on one!
Have just sold our house for a really nice tidy profit. Bought it for £57,000 and sold for £163,000 :j
This is where the problems start - our current lender (Barclays) will not give a mortgae in order to buy the house we have offered on. The house we want has accepted for £253,000 so with a deposit of £83,000 - £85,000 we want to borrow £170,000 ideally for renovation work but would settle for £155,000.
The Abbey agreed in principal through our 'financial advisor', but then turned down the mortgage application after further investigation. I got into a little bit of debt about 5 years ago, I know some people say little and it turns out to be £100,000 but this was at max £5,000 which has all been cleared and is no payments going out to them or anything at all!!!
Because there were a couple of CCJ's (£300) and credit stays listed for 6 years we are not having luck. I don't want to approach loads as obviously this all shows up on your report.
Does anyone have any ideas of who could possibly help or any advice as we really don't want to lose this house as it really is a steal _pale_
0
Comments
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toffee81
what total provable income do you have?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. Take advice with a pinch of sea salt!0 -
and you have offered 253k why not 250 and you will have saved thousands in stamp duty...you have just given the gov loads of money if this goes through..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
and you have offered 253k why not 250 and you will have saved thousands in stamp duty...you have just given the gov loads of money if this goes through..
We have offered £250000 with £3000 as carpets and fittings so still come under the stamp duty amountwhat total provable income do you have
Provable income based on commission from jobs and everything else all thrown in is about £470000 -
At that level of income is should be fine - however slightly concerned when you say:commission from jobs and everything else all thrown in
Lenders don't lump everything in I'm afraid, so they will normally want a breakdown of your income, as they may or may not take it all into account
The LTV you have is good
Have you got up to date copies of your credit file?I am a Mortgage AdviserYou 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.0
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