why wont mortgage provider HELP ?

wisbech_lad

Sounds like the mortgage company are doing you a favour. You want to borrow (in total) 90 k from them, but have shown that you have credit problems in the past. What multiple of salary is 90K?

If more banks said "no" like this, maybe this board wouldn't be so busy...

Lois_Lane

Hi Hammy - I do feel for you, I´ve been down the secured lending route too, and I know when I did it, it seemed like the obvious answer, but with hindsight, I regret doing it and I wouldn´t do it again.

It seems like a good idea to reduce your regular outgoings by 100 pounds a month (no pound sign on this computer!) but when you work out how much it is actually going to cost you, you´d be horrified.

I know it´s the same for your mortgage - how many people would buy a house if they thought about the actual amount you pay over 25 years - but at least buying a house is likely to be an investment. You may decide to move house in the future, and then you´ll be looking at how much equity you´ve got to put down as a deposit, but if you´ve remortgaged or taken out a secure loan, the equity will be small and you´ll be restricted in what you can afford.

Other people have given good advice previously on this thread and I suggest you really think about your options before committing yourself.

Good luck - we´re all here if you need advice or support.

LL