Adverse Credit Mortgage - Need help please

NeedHelpNowASAP

Hello all at MSE

We are in need of a mortgage, but it has to be a Adverse Credit Mortgage

We need the money to buy a new house, the value of the house is around £600,000 and within a few years it will be even more once work is done to it. We have it secured for £475,000 and we need to borrow £375,000.

So far we have had no luck with banks etc so we need some help if anyone can to find any decent deals. This is the last option for us as I know you guys know a lot on here.

If you need any more info, just say.

VIGILANT22

In what way is your credit file affected?....If you have already been refused by your bank I wouldn't hold out much hope....as it would appear you're looking to secure a 80% mortgage...any lenders who are dealing in adverse are offering much lower loan to values and interest rates are scary!

NeedHelpNowASAP

VIGILANT22 wrote: »

In what way is your credit file affected?....If you have already been refused by your bank I wouldn't hold out much hope....as it would appear you're looking to secure a 80% mortgage...any lenders who are dealing in adverse are offering much lower loan to values and interest rates are scary!

Well after a chat, it seems we need to borrow only 70% now.

£325000

We found BM Solutions and on the phone to them now, not looking good though.

happybroker

if you can let us know what the adverse credit is then we may be able to point you in the direction of better deals than BM.

NeedHelpNowASAP

happybroker wrote: »

if you can let us know what the adverse credit is then we may be able to point you in the direction of better deals than BM.

We are in 4 months of Mortgage arrears due to a sale of a house that has taken some time to complete.

VIGILANT22

Why haven't you kept up the payments on your existing mortage?

happybroker

With 4 months of arrears I'm sorry but you are not going to be able to obtain funding, sorry.

The adverse market is pretty much non existent and the few deals there are out there don't allow for such serious issues, especially at 70% lending.

NeedHelpNowASAP

happybroker wrote: »

With 4 months of arrears I'm sorry but you are not going to be able to obtain funding, sorry.

The adverse market is pretty much non existent and the few deals there are out there don't allow for such serious issues, especially at 70% lending.

Hmm that's what we are coming up against.

We did receive a deal of borrowing £250,000 at a good rate, but we need an extra £100,00 funding.

We have other properties - many, so it is not like we own one property etc.

Would there be anyway we could receive the money under any circumstances at a good rate?

We found a deal at interest of £6000 a month - Which would give us all the money, but it's a stupid rate.

NeedHelpNowASAP

VIGILANT22 wrote: »

Why haven't you kept up the payments on your existing mortage?

We own multiple properties

VIGILANT22

why didn't you answer "Why haven't you kept up the payments on your existing mortage?"....we may then have understood your circumstances.....particularly if you have btl's

VIGILANT22

NeedHelpNowASAP wrote: »

We own multiple properties

I can't understand that as an answer for defaulting...in fact it should work in your favour...sorry if I have misunderstood...