Re-mortgaging with credit rating of 912

welsh_72

I'm looking at re-mortgaging on my rented property and to borrow £20,000 to clear my debts. The property is worth £120,000 and I currently owe £45,000. I applied to Northern Rock with a broker and they have turned me down due to my credit rating (912). I don't want to sell the property unless I have to. Does anyone know which lender would be willing to lend money on a re-mortgage buy-to-let and borrow extra money at the same time. Would appreciate some help at this very difficult time.

Conrad

These generic credit scores are meaningless, as lenders use thier own scoring systems anyway. Forget this 912, it's utterly irrelevant.

Ok, to the case in hand most B2L lenders have very strict scoring, so if it were me I'd try one of the small Building Societies for this and I'm confident it would be accepted.

CARE>> many lenders will not lend on a B2L basis for the reason of clearing unsecured debt.

Thrugelmir

welsh_72 wrote: »

I applied to Northern Rock with a broker and they have turned me down due to my credit rating (912).

No. They declined as you have £20k of unsecured debt. Which demonstrates poor financial management skills.

Suggest you pay a visit to the Debt Free Wannabe board for support and advice on how to address the issue.