Bad Credit Mortgage

Code_Red

I'm trying to get a mortgage so I can move home (to a smaller, cheaper place and clear some debts by doing so). However, as I have a bad credit rating and have been in arrears a few times in the past year, no-one will touch me.

Has anyone here successfully managed to get a mortgage with a bad credit history and arrears from the last 12 months? My house is worth almost twice as much as my current mortgage and the house I'm looking at is about 20k cheaper.

I initially applied with my current lender (Halifax) and was rejected. How soon do you think I should apply again with them? I've now caught up with my arrears just this month.

Any advice would be much appreciated.

Thrugelmir

More likely that the Halifax would be interested if you were to borrow less on the new mortgage.

A drop of £20k in property value doesn't seem worth the expense in terms of costs.

How do you intend funding the move?

_Andy_

Code_Red wrote: »

I'm trying to get a mortgage so I can move home (to a smaller, cheaper place and clear some debts by doing so). However, as I have a bad credit rating and have been in arrears a few times in the past year, no-one will touch me.

Has anyone here successfully managed to get a mortgage with a bad credit history and arrears from the last 12 months? My house is worth almost twice as much as my current mortgage and the house I'm looking at is about 20k cheaper.

I initially applied with my current lender (Halifax) and was rejected. How soon do you think I should apply again with them? I've now caught up with my arrears just this month.

Any advice would be much appreciated.

if you've missed mortgage payments no high street lender will touch you.