Really need some help with my mortgage problems....

jessica4

Hi all,

I'm hoping someone can help me with my current dilemma...
I have had a mortgage for 5 years (I have an awful credit rating but luckily got this mortgage when my credit wasn't so bad and the financial world wasn't as it is now!) my house has £40k equity, £20k of which I owe to my mum as she lent me this for a deposit and £17k is to settle a secured loan I have on the property. Therefore if I sold my house I would practically be left with nothing.
However, I really want to move and I'm hoping that I could get an adverse credit mortgage but obviously I will need a good deposit.
Do you know if I could transfer my current secured loan on to a new house? Or if not would I be able to change my current mortage in to a BTL mortgage, take out another secured loan on the property and use that along with an adverse credit mortgage to buy another house?

If not I could really do with some ideas on how I could get another property - I don't mindif Ihave to sell or rent out this one...I just want a new start and haven't got a clue how to do it

Thanks
Jessica

dancingfairy

Could you come to some some sort of arrangement with your mum? perhaps she wouldn't mind if you used the money for the next deposit? and you set up some sort of monthly repayment schedule?
Could you sell up and rent for a while?

What sort of property are you looking for - how much mortgage and how much deposit would you need - I guess you'll probably need what 10% minimum as a deposit?
It might be worth having a look around to see what mortgages are generally available to people and seeing how much you could potentially borrow if you credit rating was spotless to give you a rough starting point. I guess you'd then need to speak to an independent broker who can assess your individual chances and search the whole of market for you to find someone who will lend to you in your position.
As to whether you can move the second charge - perhaps phone and ask them? Same with the mortgage - you may be able to move it across but you'd need to check your contract or speak to them.
df

beecher2

Why no sell up, get rid of all your debts and rent until you build up a deposit again.