High Interest Mortgage companys for people with poor credit-Help

Spoonie1

Hi
I was wondering if anyone could advice me on the best company to go with who offer this kind of service.
Me and my husband bought our home in March, my father borrowed against his own home for us to be able to do this. We pay £1100 a month at the moment which is alot as the house is worth 100k, we manage this but we now want to take over the mortgage and take it over a longer term and reduce the monthly payment to relieve the pressure a bit.
But we have ran into trouble getting a mortgage, my husbands credit rating is perfect ,mine is not so good. I have 2 defaults from 2007 and this is resulting in us getting knocked back from the high street lenders.
We have looked at everything and so as a last resort we are looking at going with a company who lend to people with poor credit. I know this is not ideal and that the interest will be higher but even so we will not be paying as much as we do now and it is purely for 2-3 yrs to enable me to repair my credit rating and then we will move the mortgage for a better deal.
I really hope someone can advise me
Thanks for your help

Accountant_Kerry

Hi,

Do you have a deposit?

_Andy_

Speak to a whole of market broker.

Spoonie1

We can get a deposit of 20k. We had a broker look into this for us already, he had all our info and credit report etc and had said that Nationwide were happy to proceed as long as there were no adverse credit in the past 12 months which there is not but they declined over the fact my credit score was so low. This really annoyed me as they knew about my 2 defaults and so of course my credit score is going to be poor.

Jez-_2

If you are only looking at £80k then i would suggest that you back down from the deal and get your husband to apply on his own thus avoiding the issue completely. Even if he is on an 18-20k salary the multiple should be fine with the high street lenders.