Re-mortgage Advice/Adverse Credit but equity in House

moofo

Am seeking some help and advice on the possibility of getting a re-mortgage and any advice would be very grateful.

Here are my circumstances.
I currently have a mortgage of £105,000 on a property bought for £113,000 in 2007.
The property was in need of renovation and had a single story extension at the back of the property with a large garden,
I have just been given permission to extend to Two stories on the extension.
And also purchased extra land at £10,000 which gives the property Off road parking and possibilities to knock down an existing two story shed/workshop to build a Double garage /office/workshop.

I have some arrears on my current mortgage and have some bad credit from missed payments but no actual CCJ's.

How much equity would i need to get a re-mortgage with my circumstances?

Hope there is someone here who could give me any sort of help.
And hope what I have written makes sense.
Thanks in advance.:)

Thrugelmir

First issue to address is the mortgage arrears.

Second issue, pay all your debts on time.

Which translates into sort out your personal finances.

As you're not going to anywhere with remortgaging until your credit history can demonstrate that you've changed.

This is the reality of the current era. No more easy credit.

Ids61

Hi You would need to go to a independent mortgage advisor,who works with the whole market.
However sorry to be honest in today's you market you seriously struggle to find a mortgage.
I asked the same question on this site and had mostly negative response even with equity of 160000
Best of luck


In

moofo

grim news indeed!!
Thanks for the replies.

GMS

The mortgage arrears would be a major concern.

When were the arrears and how many months missed? When will the arrears be cleared?