Remortgaging with bad credit

Vickisaver

I purchased my property with my ex-partner a few years ago, and am now having it transferred into my sole name. I had considered selling, but have been advised it is now worth 8% less than when I bought it, so need to keep it a bit longer. I have a default for £90 from september, and about 2 years of bad payment history on a visa card, though it is all up to date now.

The property is worth roughly £89,000, and I will need to borrow £40,000. I currently earn about £1,200 a month, and have unsecured debt payments of £401 a month. My mortgage advisor has struggled to find someone who would lend to me, does anyone have any ideas about who to approach? I currently bank with A&L, but doubt they would lend with my poor credit. I just don't want to get a load of searches on my file, already have 2 from mortgages I was declined for.

Thanks

beecher2

Surely if you sold you'd have £49,000 equity? Why does it matter that it is worth less than you bought it when you have this equity?

Vickisaver

Sorry, I should have said that the £49,000 is coming from my parents in order to allow me to stay in the property and not loose any money. At present the mortgage is £82,000.

Also, the transfer has to take place in the next 6 weeks, so no time to sell first, this is due to issues with my ex-partner, and for legal and safety reasons it needs to be sorted quickly.

Thrugelmir

On what basis are your parents lending you the money?

Vickisaver

I will be repaying them the difference between my current mortgage payments and my new mortgage payments each month, with a rate of 1.5% interest on the loan.

beecher2

Go and see an independent mortgage adviser then I think

Vickisaver

I have got a mortgage advisor working on it at the moment, but was really looking to see if anyone had personally had any joy getting a mortgage in similar situations so I could ensure she is checking the right companies.