Find me a mortgage

factory_Man

I built a house at the end of my garden, I even managed to sell my original house. I now just need a mortgage to clear my bridging loan (29% APR) and credit card debt. Trouble is my credit rating is almost the same as Robert Maxwell (long story) and no one will help. My loan to value will be approx 50% and my income from my serviced offices is about £100k. Is anyone out there got an idea. RBS/Natwest have been trying for 18 yes 18 months but the underwriters just won't help.

_Andy_

Can you elaborate on the bad credit?

Also have you spoken to a broker yet?

Conrad

With poor credit RBS and similar lenders will not be able to assist.

Take a look at Beacon Homeloans, Churchhouse and MBS. As long as you can demonstrate the debt will constitue responsible lending, that's the key.

Best of luck to you.

factory_Man

Two late mortgage payments and 3 to 4 defaults on credit cards. I am speaking to two brokers at present, one got me on with Beacon only to find out they won't give a mortgage on houses less than 12 months old and won't take on bridging loans of less than 12 months old, bear in mind my bridge is only for 6 months anyway.

factory_Man

Thanks for reply, Beacon is no go as the property is less than 12 months old and my bridge is also less than 12 months old. Could you let me have contact details for Churchhouse and MBS.

_Andy_

For obvious reasons I would avoid the above spammer like the plague.

factory_Man

Spammer????

_Andy_

There was a post by a spammer. It has since been removed. I.e. I wasn't referring to you!

happybroker

you own commercial property, is there anyway you can release money there? The rates are likely to be pretty poor but possibly better than falling out with your bridge lender.

factory_Man

Yes I own commercial property but the mortgage on that can't be extended (even though less than 50% LTV) and the redemption is 3 years interest (150k at the moment).

happybroker

3 years interest...wow that sounds an interesting deal!

You may still be able to raise a 2nd mortgage on the commercial property.

when were the mortgage payments missed and how old are the defaults?