Adverse Credit Mortgage - Need help please

NeedHelpNowASAP

VIGILANT22 wrote: »

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

Sorry I was editing the post as you typed this up.

We had a very bad period and as we dont own just one property, it's been a bit of a joke, and with one big property stuck on 5% or around it (we did this before the recession advised by the banks, !!!!!!!s) - All the money people are saving we are still paying, and it's a huge amount every month.

happybroker

it's difficult to say without full info on the portfolio/ your circumstances etc but to be fair I think the 4 months arrears are going to be a real issue. You need to sit down with some one who knows their onions and go through your situation in detail, it's got to be worth an hour or two of some one's time on the off chance they can place this for you.

VIGILANT22

Sorry..dont mean to sound unkind...however 5% is a normal rate...which you must have budgeted for if owning more than one property....you have some idea of the market.....you have no chance of adverse mortgages..those who do offer them are at crazy rates...approx 14% and ltv's around 60%..not advisable..

NeedHelpNowASAP

happybroker wrote: »

it's difficult to say without full info on the portfolio/ your circumstances etc but to be fair I think the 4 months arrears are going to be a real issue. You need to sit down with some one who knows their onions and go through your situation in detail, it's got to be worth an hour or two of some one's time on the off chance they can place this for you.

Yes we have done that with 2 individuals and have found one deal, but we are still short £75,000, which makes the deals useless.

I asked on here due to people knowing their stuff on these sites, and might know something people are not telling us.

VIGILANT22

You will not find what you want to do....regardless of brokers/advisers trying to win the business.....in this climate no lender will find your defaults acceptable.....even if trying to raise capital by rmtg existing properties....you will not obtain any rmtg

SouthCoast

NeedHelpNowASAP wrote: »

We own multiple properties

Mortgage arrears could indicate that the business has cashflow issues.

Business Debtline can be found here:

http://www.bdl.org.uk/

VIGILANT22

I'm sure the OP would thank you for taking out the time to post....however what this has to do with "Adverse Credit Mortgage " I am somewhat mystified??

NeedHelpNowASAP

VIGILANT22 wrote: »

I'm sure the OP would thank you for taking out the time to post....however what this has to do with "Adverse Credit Mortgage " I am somewhat mystified??

It's called taking the !!!!. :beer:

Matt1982

Can you not sell some of these other properties you own to buy this 'deal' of a house.

Why are you getting this house so much cheaper. who said its worth £600,000 now?

NeedHelpNowASAP

Matt1982 wrote: »

Can you not sell some of these other properties you own to buy this 'deal' of a house.

Why are you getting this house so much cheaper. who said its worth £600,000 now?

It's called being repossessed and no one living there for a few years.

We can, but as you know, selling properties is not a next day thing, can take years.