Mortgage broker/Financial adviser needed for shared ownership mortgage-bad credit

AlexCH

Hi there,

I am looking for an advice on re-mortgaging my shared ownership flat.
I have 2 secured loans on it plus mortgage and housing association rent. The reason I want to re-morgage is to consolidate all in to one. Payments are becoming very difficult now for me and if I am unable to reduce it. I have to sell it if there's no other way :sad:.

Briefly:

Me - Emplyed full-time

Flat - 2 bedrooms bought in 2000.
Mortgage - £70000 outstanding
Loan 1 - £15000 outstanding
Loan 2 - £20000 outstanding
Plus - £4500 credit card

Flat - 2 bedrooms value at 2000 was £180,000 in 2009 £300,000
Shared ownership 50%/50%

Please leave your tel number or email address or suggest someone that I can call.

Thanks all
Alex

haras_nosirrah

Hi Alex

in what way do you have bad credit - is it too much credit or is it that you have missed payments, defaults etc

If it is the later then you may well struggle as the lenders who do shared ownership - the ones the housing association allow - are predominantly good credit lenders.

I would phone the housing association and ask them who they recommend to their buyers for their financial assessments and mortgage advice.

Which housing association are you with?

AlexCH

Good advice, I'll start there. Housing association is MHO-Metropolitan

Cheers
A