bad credit what can I do

miss_piggy_6

Our finances are in a bad state. Iv applied for a unsecure loan and was turned down twice. My other option is a secure loan, but we cont have any proof of income so it will have to be selfcert. This is what we have, please advice what we can do, We need £30 000 to pay off credit cards and a loan. We have also missed mortage payments the 2 buy to lets in January. We have no redemption panelties on the mortages

Main residence: equity 115 000
1.buy to let : equity 30 000
2.buy to let: equity 60 000

i cannot sell the buy to let as we have lease agreetments on it and also my in-laws live in the 2nd one.Please advice, Im having sleepless night

Miss piggy
x

jonesMUFCforever

I think you have no option but to sell at least one of the buy to lets. Were'nt these designed for you to be making money?
When you say lease agreements are these private dwellings not shop premises?
If you sell no 1 for close to market value you clear your debts and you won't have to worry about making repayments on your existing loan and cards.
If you leave it much longer (ie more than 3 months in arrears) the decision whether to sell or not may be taken away from you as your mortgage lender will start action to protect their lending.

Bloke_with_a_simple_life

Sell one of your buy to lets.... at least... before the lenders do it for you. If your rental income cannot even support the mortgage payments on them, then you are in trouble.

Even consider putting your own home on the market and seeing what does first - and then use the equity else where.

Are you letting the inlaws in the house on less than market rates? Up their rental if they are - you subsidising them should not lead to you going under.

Good luck!

roswell

Sell sell sell atleast 1 property and cut up the CC`s, make a visit to Debt free Wannabe board and accept thet your going to have to change your spending habits.