We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Credit Rating Advice Needed
oldmanriver_2
Posts: 2 Newbie
I inherited family home worth £120K. I owe bank £26K and family £20K. No other debts now. Due to way I previously conducted my finances I have very poor credit rating, it is slowly getting better. I want to remortgage my house, pay off bank, family. But cannot as credit rating is very poor. Any advice how I can get round this. I have a low paid job.
0
Comments
-
oldmanriver wrote: »I inherited family home worth £120K. I owe bank £26K and family £20K. No other debts now. Due to way I previously conducted my finances I have very poor credit rating, it is slowly getting better. I want to remortgage my house, pay off bank, family. But cannot as credit rating is very poor. Any advice how I can get round this. I have a low paid job.
The home you inherited is that where you live?I all have learnt is from others on many sites.
Seek legal help if unsure.
Dont pay Private Parking tickets - they are mere invoices.
PRESS THANKS
}0 -
Hi
What do you mean by poor credit? Do you mean you have lots of missed payments? or defaults & CCJs?
Where have you tried to get a mortgage from? If you have only tried the main high street banks you might be better off going to a specialist independant mortgage broker.
Do you want a mortgage for £46k then? how much are you earning and how old are you?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Yes I live in the house. Poor credit - I had a lot of missed payments with catalogues, M & S etc. but all that has been paid by family, I still owe the bank. Only tried high street banks. I need a mortgage of £50K. I'm earning £10K a year. I'm 52.0
-
I all have learnt is from others on many sites.
Seek legal help if unsure.
Dont pay Private Parking tickets - they are mere invoices.
PRESS THANKS
}0 -
I would imagine that you will have as much of a problem due to your low income level as with your poor credit history.
How would you be able to afford the mortgage on that salary? it would take well over 50% of your salary. How much are you currently paying each month back to the bank and family? Do you live alone?
Could/would you sell the house, pay off your debts and look for a cheaper property?
You could try talking to a mortgage broker as to whether you might get a mortgage on the subprime market but I suspect you will struggle.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards