Bad Credit ,But need to get a mortgage HELP

richardfusion

Good Morning,
I`ll Try to keep this short, so here goes:
I am married with 3 kids and self-employed,I had a nice house £300K but interest only mortgage ! ( bad advice 2007) i had 2 companys go down on me and never paid, this threw me into a downward spiral which ended up with me having a bad credit rating ! we managed to sell the house to stop it being repossed. we only defaulted on the last 2 payments due to selling and the date we moved.We are in agreement with various companies to payoff the debts,so were not ignoring the fact and both have work / jobs.
we have ( via parents) a deposit for a house and would like any info on Mortgage lenders who are human and "not Computer says NO" just for being self-employed nobody wants to know, i have applied for 60 + jobs but with no avail.Is there any help out there..??
Thank you for your help and reading this and look forward to any help you may have

InMyDreams

Would it not be better to use the money from your parents to pay off your debts so that you can start improving your credit report and re-establishing your employment history (self or otherwise)?

I don't think you would find any lender, human or otherwise, who would not take into account the fact that you still have debts, no job and your self employment took a nose dive.

Dave101t

get your wife to arrange the mortgage on her job

richardfusion

InMyDreams wrote: »

Would it not be better to use the money from your parents to pay off your debts so that you can start improving your credit report and re-establishing your employment history (self or otherwise)?

I don't think you would find any lender, human or otherwise, who would not take into account the fact that you still have debts, no job and your self employment took a nose dive.

Hi thanks for the advise, parents will only put deposit on a house and want
a hold ..??

Also i do have a job and am actually busy ! (never said i didnt?) when someone knocks you for £27K its hard !
Once again thanks for the input

richardfusion

Dave101t wrote: »

get your wife to arrange the mortgage on her job

Have tried that but lenders want to tie us both together to get max lending i beleive?

Thanks

ViolaLass

So your parents aren't giving you the money? (because they want to have a stake in the property) I think any lender would see you as not having a deposit of your own.

beecher2

Go onto Debt Free Wannabe for help in dealing with your debts and then save, save, save. There's no shortcuts I'm afraid.

InMyDreams

richardfusion wrote: »

Also i do have a job and am actually busy ! (never said i didnt?)

Appologies. You didn't say that you didn't have a job. I just assumed you didn't based on

richardfusion wrote: »

i have applied for 60 + jobs but with no avail.

and the fact that you state you are self-employed too. If you also have a job on top of all that, then you must indeed be working very hard!

richardfusion wrote:

when someone knocks you for £27K its hard !

I'll bet! Unfortunately it's not our sympathy and understanding you need. How much does your job pay (any your wife's) and how much are you hoping to borrow?

How much money do your parents want to give you? (I'm not sure that them 'having a stake' would work.) How much are your debts?