Sub Prime Mortgage

cassy136

Hi All

I hoping someone can point me in the right direction. I own my home outrightbut it is in dire need of urgent repairs as it’s over 100 years old. I tried toget a mortgage 2 years ago and basically got told no one would touch by numerousbrokers because of my credit rating. I am currently 14,000 in debt and have oneCCJ which was has been satisfied for over 2 years.

I had been made redundant twice in the past and I have had problems withpayments of my creditors. Both debts that I have left (£9500 & 4500) noware managed by two different debt collectors and I have been making allpayments for the past two years. I have a current account with an overdraftfacility which shows as a clear account on my file (4 years) and also my mobilephone contract is a clean account (over 6 years).

I currently work full time earning 17500pa and I need to get a mortgage for£45000 to clear all my debts and repair my house. Is there anyone who cansuggest a company or a broker that may be able to help me or point me in theright direction as to if this will be possible.

Look forward to any help people can offer.

Dave_Ham

Without seeing your credit files, it will be hard to see the current level of impact the adverse credit is causing.

That said, income is fine.

What is the value of the property?

Any adverse credit in the last couple of years?

cassy136

Between 90-100,000

I have 6 defaulted accounts and 1 CCJ (statisfied) but they have all been paid on time for the past 2 years and apart from my over draft (£250) and my mobile contract I do not have any other forms of credit.

Dave_Ham

There will be solutions, just have to get the most cost effective one..

So long as no defaults in last 2 years would expect you to be ok....

cassy136

can you suggest any services to try?

Dave_Ham

No doubt a broker will be better placed to help.

Try and get friends or family to recommend a decent one that is not tied to a panel and certainly not an Estate Agent one..

Good luck

DaisyLon

yes, I'd go with friends and family - brokers won't help... doesn't look too good I'm afraid.

The_J

DaisyLon wrote: »

yes, I'd go with friends and family - brokers won't help... doesn't look too good I'm afraid.

Brokers will be able to help. This is what they do, look at Dave Ham's post, give him the credit report and he'll be able to specifically say which lenders will be able to do it.

The current information provided is nowhere near enough hence the advice to go through the regulated process.

cassy136

Hi Thanks all for the advice.

I have spent most of the day on the phone to mortgage brokers and the problems I seem to be facing is that I am classed as a first time buyer, (as i have not ever had a mortgage) and my annual salary seems to be too low for many companies to even consider me.

I had this problem previously when i was advised to wait 2 years making sure i made all payments. This I have done now as you can imagine the problems i had with a property that is over 100 years old are getting worse and have been warned by an electrician that the wiring is dangerous as of it's age. It is getting to the point that i will just have to sell up.

Dave would you be happy to look at my credit file? to give me any advice.