Adverse mortgage

AYLSHAMBOY_2

Hi all,
Help please!after getting in debt trouble about £60,000 worth yes that much long story just cant go into now,agreed payments with all my creditors but got defaults against me,now to help matters and try to clear debts i want to move house but have really tried to get a small mortgage,house i have now is valued at £315,000 max,have to pay mortgage company £159,000 which includes £6,000 redemption fee which ends April 2012 i really need to sell now as i find paying the mortgage £710.00 a month very hard + life insurance £97.00 + council tax £188.00 per month all this and more i could afford before things changed,anyhow by selling house after estate agents fees and solicitors costs etc i will be left with approx £120,000 max, if i rent its going to cost me about if not more than my mortgage so will still have a job to find it with everything else,i know i can move down and am prepared to do this but even a terrace will cost more then this so i would like a mortgage of £30,000 max, cant get one with main street lenders or independant mortgage advisor could nt find one,has anybody been in similar position if so advice required please,i want to improve on my debts and this seems last resort.

GMS

When were the defaults and for how much?
Any CCJ's? If so when?
Any missed mortgage payments. If so when?
What is your income?

AYLSHAMBOY_2

Defaults are only in the last 6/9 months,there is about 12 companies are'nt sure how you mean how much,but i have been paying an agreed amount each month after i have spoke to all of them and gave them my expenditure and outgoings,no CCJ's,no missed mortgage payments as this has been my main priority,income at the moment is max £15,000 per year,was £35,000

GMS

If you have that many defaulted accounts in 6/9 months you have little chance.

Could be a slight possibility. Speak to a broker to assess fully for you

AYLSHAMBOY_2

Hi all,further to GMS reply(thank you)I have tried for mortgage with advisors as well as straight to 5/6 building societies to get small mortgage with adverse credit problems but each time turned down I know each time an application goes against me,dont know why as i am trying to do something about my debts by reducing outgoings to pay them off,why?but why dont they help in this situation i have £120k to put down if i sell my house only want approx £25/30k(only?)but cant get mortgage so cant sell,if I rent its going to cost me what I pay in mortgage,how do I get out of this trap,trying to help myself but dont seem able to,am I wrong or what?

GMS

Do you have a copy of your credit report? If so I will have a look at ti for you if you like?

AYLSHAMBOY_2

Hi ,No did get it b4 i got problems with debt not good then so assume its bad now,house is on market was going to wait if sold, been on since April10 sold once then fell through,reduced price 3 times still on marketthem try again 1st with my exsisting lender whom I spoke to but did nt help(Santander)and plead

GMS

AYLSHAMBOY wrote: »

Hi ,No did get it b4 i got problems with debt not good then so assume its bad now,house is on market was going to wait if sold, been on since April10 sold once then fell through,reduced price 3 times still on marketthem try again 1st with my exsisting lender whom I spoke to but did nt help(Santander)and plead

Get copies of your reports from Experian and Equifax. Get the £2 statutory reports. Dont go for the free trial.

Give the report to a broker to look at. No point in applying at random to lenders. Too many searches will lower credit score further

Thrugelmir

You really need to rebuild your credit reputation and your life. So renting for a while may be the best option. The lenders you defaulted on are the same ones you are seeking a mortgage from. So hardly surprising they aren't interested in advancing you money.

Wh05apk

I think your only hope maybe to approach your existing lender, explain the situation and see if they would consider it on the basis they are greatly reducing their exposure/risk, used to work, but not sure not in this risk averse/blame someone else before we took over type culture.

AYLSHAMBOY_2

THRUGELMIR,You seem to be missing the point I think, I know I need to rebuild my credit reputation,I really do,but renting would mean I would be paying out what I am paying out now for a mortgage which is how I got in this situation in the first place,I made sure I was paying with credit cards silly I know but you do what you have to to keep a roof over your families head,I was nt earning any wage some weeks and still same now,self employed in building game so cant afford to pay out £710 a month which is what it would cost + more to rent so be in same position without any back up so thats the reason I NEED to move,not getting at you but just so frustrated and depressed with it all.