Adverse Credit Mortgage Advice Required

centralexpert

Greetings all...:j

My partner and I are currently looking into moving house and would appreciate some advice on where is best to go and what to do next.

We own 50% (£65,000) of our 2 bed flat at £130,000 total value and are currently with (Preferred Mortgages / Capstone / Acenden) and our rate is 3.64%.

Unfortunately we do not have a deposit..... but could borrow £10,000 if needed.

We are looking to move soon due to my partner being pregnant and would like to move before the due date of late July...

We've never missed a payment in the 5 nearly 6 years of having it.

We're looking to borrow an extra £180,000 if possible.

Please advise what the best course of action would be..?

Regards

Central

Wh05apk

Have you missed any other payments? or was your credit poor when you first took the mortgage out?


Are you saying you own a property of £130k, but with a £65k mortgage? if so that will be your deposit when you sell it.

If you are looking at increasing your mortgage to about £240k on a £300k property, you will need to be earning about £50k

Yorkie1

I suspect it will help the experts on here to know your combined salary and the nature of your adverse credit (plus age of it)

beecher2

I assume that it is a shared ownership mortgage? If you sell and just break even you would need a deposit of at least 10%. With poor credit you're likely to need a larger deposit. Moving may not be an option at the moment. Apologies if you do in fact have £65k equity and I've misunderstood.