New mortgage with bad credit

jt2k6

Morning all,

firstly hope this is in the right place, if not please move.

Anyway,

A bit of history

we brought our first house about 6 years ago, paid 79K for a 2 bed terrace in rhyl. mortgage was with NR and they gave us 115% house value (with an unsecured top up) I came with some bad credit from uni, and the wife did also. but on the whole we have been good, 1 default, and an old CCJ paid off about 3 years ago, also a secured loan with welcome, currently owe 100K on a 85K house, all in all a bit of a mess.

anyway we are looking to move, the hosue we are in has a lot of bad memories, loss of child, near divorce, and really need to get out. and start fresh.

don't want to leave the area as we have friends and my daughters have good schools.

what are our options?


what is the market like for sub-prime mortgages at the moment? is it worth consulting a financial / mortgage advisor, will they work with someone with my history / current situation.

anyone have a 3-bedroom house in rhyl to rent with a garden?

Thanks

Thrugelmir

jt2k6 wrote: »

what are our options?

Very limited. As on the face of it you have repaid little of your debts in the past 6 years.

How much do you owe NR on the mortgage and secured loan?

jt2k6

owe NR a shade over 100K.

Thanks

Conrad

jt the only possibility is to come up with 15% legitimate deposit on a new home. Your existing mortgage needs to be fully repaid when you sell. Maybe sell up, clear all debts and rent for a few years, but you'll need to save a chunky deposit for when you want to buy again.

Good luck