getting a mortgage with poor credit history

iluvfreebies

Hi
Has anyone any experience with getting a mortgage with a bad credit rating

i have recently inherited a property and wish to raise some funds to fisinh it off and would clear my o/s debts approx £4000 (on a repayment plan at present)
The property has been valued at £200000 and I was looking to take out £50000 against it.
Just wanting to know if its worth even trying for a mortgage

Thanks in advance

Thrugelmir

How bad is your credit rating?

What's the purpose of the £50k equity withdrawl?

iluvfreebies

Hi sorry - i only saw your reply there now
We went and saw an advisor yesterday and i was accepted for a mortgage with the halifax (am so delighted) we cna not do what we need to the house and clear my debts and have the option to pay the mortgage off earlier than the term (15 yrs). Was so surprised to be accepted

Thrugelmir

A normal requirement of most lenders is that a property has to be owned for 6 months before remortgaging is considered.

iluvfreebies

They didnt mention that at all - perhaps they will in time - the mortgage advisor rang today and said that the lender didnt even need to see copies of my wageslips as my credit was good enough lol. Survey is booked for tomorrow but the advisor says they will prob just drive by property to complete this as its obvious the equity is more than we are looking to borrow so all good so far