Adverse mortgage

Thrugelmir

Not missing the point at all. I have empathy with your situation. Unfortunately that doesn't help in the real world as it is today. Where lenders can cherry pick their customers. The quicker you accept the position you are in, the sooner you can move on.

paint

AYLSHAMBOY wrote: »

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.

With the £120,000 released by selling, could you repay what you owe, and then have a significant cash sum left over as a cushion for rent payments whilst you build your credit rating back up?

AYLSHAMBOY_2

Yes you're right in this world now they can and do pick and chose,depressing though to think they were throwing money at me because of an A1 credit rating before(did'nt take it or not all of it) now am really trying I think to do something with my debts to reduce them,I know I have them and want to pay back,which is why I do accept the position I'am in,or do I by trying to do something about them instead of just standing still and owing money for years?I think if I can move house with much smaller outgoings I can move on as it is at the moment things are just as worse as a year ago.

AYLSHAMBOY_2

Yes would have ,but at the age i am i would nt get another mortgage if i leave it much longer,is this a bad thing ? i dont know,do i need another mortgage ,i do in the fact that i love my own house i am a d i y freek,i know i still can do d i y in rented up to a point but not the same,but seems hard to rent for the rest of my life,dont know if this is right or not

CloudCuckooLand

With £120k in the bank, you'd get £2.5k per year interest to help pay the rent...

Or, 80 properties within 10 miles of Aylsham, under £120k and with 3-beds.... http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E2573&maxPrice=120000&minBedrooms=3&radius=10.0

If business is quiet, you could gradually put something like this to rights, while being mortgage-free; http://www.rightmove.co.uk/property-for-sale/property-29096746.html