Best company for my situation??

TotallyBroke

I am just toiling with the idea at the moment but will need to make a push soon as I can.
I need to buy a new property but am concerned with my bad credit rating who will lend to me if at all.

I have a fantastic mortgage with Woolwich at the moment, lifetime tracker at 0.25% above base rate. But I have had a lot of defaults on the payment. I am currently only payin IO so that all my money could go to paying off debts and getting things looking better on paper. Last bad note on my credit files for mortgage was 07-2007 so almost 3 years ago.

I have 1 loan with approx 8months to go, all recorded as good.
I have no credit cards, did have one that was closed 02-2009 and last late payment was recorded as 12-2006.

My Ex rang up a huge phone bill in my name and I was on an arrangement to pay from 04-2008 until 04-2009 when account was then closed down.

I have had no searches on my file for approx 3years as I have tried to pay off everything I have in debt.

I would hope to be able to sell my current property for £170,000 my outstanding mortgage is £57,000 so say £60,000 and a property I would be interested in would be approx £210,000 so I could have £100,000 approx as a deposit. So almost half of the property.

My questions are what sort of companies would I need to look at to be able to get a mortgage and is there anything I can do to help improve my score etc. I know they say score is not important but mine is very low at 305. I realise my interest rate would be nowhere near what I have now but I do not think places like Woolwich/Barclays would entertain me again or would they?
Thanks

beecher2

Contact Woolwich first of all and see what they say. You'd be wanting to port your mortgage over and get additional borrowing from them. You don't say what your income is - that's probably quite important too.

TotallyBroke

Sorry I earn approx £22,500pa and I didn't realise I would be able to move the existing mortgage to a new property. That would be fantastic if I could as I would be able to go back to repayment.

My only concern would be that they would only lend £90k. I have no knowledge on savings so would I be better saving more for deposit or paying off and reducing existing mortgage.

Thanks