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Help - trying to remortgage with bad credit
donal120
Posts: 4 Newbie
I was declarded bankrupt in May 08 & discharged in May 09. I have just settled on a figure regarding the Official Receivers equity on our house. I need to remortgage for an additional 75k to pay the OR and a secured loan on the property.
Current mortgage 97k
Property valuation 250k
Joint appliciation with a joint salary of 60k
My wife has a great credit rating of 800 and totally clean file.
My credit rating is bad (320)
- 1 default of £457 (June 08)
- 1 CCJ (Oct 06) - settled
I have asked a local broker who has said that he cannot get us an mortgage. The best that he can do is secured loan of 50k over 25 years at £600 a month.
Any suggestion as a need to pay the OR by the end of November.
Current mortgage 97k
Property valuation 250k
Joint appliciation with a joint salary of 60k
My wife has a great credit rating of 800 and totally clean file.
My credit rating is bad (320)
- 1 default of £457 (June 08)
- 1 CCJ (Oct 06) - settled
I have asked a local broker who has said that he cannot get us an mortgage. The best that he can do is secured loan of 50k over 25 years at £600 a month.
Any suggestion as a need to pay the OR by the end of November.
0
Comments
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Have you approached your current lender to see if they would be prepared to lend you the extra?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Sell up, pay off debts and start again? Use the £75,000 as your new deposit and get a mortgage based on 3.5 times your wife's salary?0
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They are no longer in operation.0
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As has already been suggested. Selling up seems your best option.0
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