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Refused a mortgage
strangers1
Posts: 4 Newbie
We have just inherited a property worth 140,000 with a 40,000 mortgage outstanding on it. We have been trying to raise the money through our bank and with a broker, it now looks like no one will touch us with a barge pole. Can i get a family member to raise the money in anyway, we do not want to sell as we live in the property, advice anyone ?? 
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Comments
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Why is this the case?
Do you have a bad credit history? Can you give more information?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 -
Yes, came out of a trust deed in June, bank are saying 2years before they would entertain us and we have been refused by Cheshire..0
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Is that the only lender you have applied to?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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There is a lender will do this but I'm not going to tell the competition here who!!
Thier rates are very high and should only be seen as a short term solution until you can hopefuly remortgage to a cheaper lender. Rates circa 18%, interest only. Any amount of bad debt is acceptable.
I DONT MEAN A BRIDGING HOUSE EITHER AS I DONT TRUST ANY OF THEM. This is a small family firm I got to know over years.
The rates are high but they have to be as they only tend to have thier clients a short while, but have all the same costs a normal lender has, so the revenue has to come from somewhere.
Be aware they charge up front for a survey and also a personal visit. The owners visit every property personaly.0
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