Help with possibility of moving

24.princess · 29 March 2011 at 5:35PM

I am just coming to the end of my 3 year fixed period with my first house. I borrowed 68k with 7k deposit (so yes, house was a !!!! hole!)

At the time I got a poor credit mortgage with birmingham midshires. I would like to move house, but the mortgage is not portable. They have advised me that since the credit crunch they no longer deal with poor credit mortgages. I will still have a poor credit rating, although I have made mortgage payments for 3 years and never been late or anything with them.

I would like to buy a property for around 100k and would prob be able to afford 15-20k as a deposit.

Does anyone know if a mortgage lender is currently likely to offer me what I'm after?

(Oh, I am employed p/t on 20k and have a child- her father won't be on this application, and isn't on the current mortgage either due to credit even worse than mine!)

Thankyou

Crashandburn · 29 March 2011 at 8:15PM

Midshires only do BTL mortgages now hence the reply you got.

There are people that can look at this depending on how bad your credit history is such as Kensington, Skipton and Aldemore. You maybe looking at at 20% deposit as the minimum.

I would get a copy of your credit file and see if you can tidy any of it up before applying anywhere.

24.princess · 30 March 2011 at 5:31PM

Thankyou for your reply

I got my free equifax credit history last night and the most pressing issue (that I can do anything about) is a defaulted credit card.
Am gonna pluck up the courage to call them and try and set up a plan.

Thanks again