Low LTV mortgage app, chances?

russ1980

Hello all, a bit of advice needed.

Currently have a bad credit score due to my own actions, a bit lazy making payments so a few late but now set up as direct debit and up to date as of March (credit report still showing as behind though, which i think is the problem???). Also reduced credit debt from around £4k to under £1k in the last month but again this is not on current credit report.

I want to move, i have received a part ex offer on a new property and have now commited to it. Offered £75k for mine, purchase price of £180k but i also have £104k extra equity. My mortgae debt will be the same, no extra borrowing at all. I'm more than happy to stay on the same terms for remainder of the fixed term i am currently in but not agreed in branch.

Advised that even though not agreed in branch due to my credit score shouldn't be any problem once referred to head office as they can over ride due to circumstance but not i'm not completely convinced. (this is in process now).

Have i got reason to be concerned? As i am not borrowing any more and have never missed a mortgage payment would the bank not be pleased to have £130K equity on the same loan rather than £26k.

Also, should they not, are there any suggestions of lenders who might? In these circs surely the bank can't see it as a risk can they? Is a broker more likely to be succesful than myself visiting the branch?

Thanks in advance.

beecher2

Really think you should have sorted this all out before committing to buying a new property. Your bank may or may not allow you to port - you've got absolutely no guarantees that they will allow you to do so and no guarantees that another lender will give you a deal either. Take a copy of your credit files to an adviser, and cross your fingers!