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Mortgage advice please
mikee31
Posts: 90 Forumite
Any advice/help would be much appreciated.
Our current property is probably worth £130k.The mortgage outstanding is £80k. We currently pay £555 per month with approx. 18 years remaining.
We are looking to part-exchange for a larger property worth £215k.
Therefore, with £50k equity, a mortgage of £165k would be required. My salary is £45k per annum. My partners salary is £6k per annum.
Unfortunately whilst we have been good the past 12-18mths, our credit history and credit rating is poor. A CCJ is also on record although this has recently been paid off.
Given the above, is there any chance of getting a mortgage or are we wasting our time?
Our current property is probably worth £130k.The mortgage outstanding is £80k. We currently pay £555 per month with approx. 18 years remaining.
We are looking to part-exchange for a larger property worth £215k.
Therefore, with £50k equity, a mortgage of £165k would be required. My salary is £45k per annum. My partners salary is £6k per annum.
Unfortunately whilst we have been good the past 12-18mths, our credit history and credit rating is poor. A CCJ is also on record although this has recently been paid off.
Given the above, is there any chance of getting a mortgage or are we wasting our time?
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Comments
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When was the CCJ? How much for? Has it been satisfied?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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CCJ was issued in 2008 for approx. £3.5k.
We recently paid it off (last week) but as yet its not showing as satisfied on credit report.0 -
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Have a chat with a broker. Could well be options for you.
Don't apply at random to lenders, get to the most appropriate one for your circumstancesI 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 -
Spot on.
I would think given your circumstances explained there will be a solution, other things being equal.
You are unlikely to be a highstreet option, but there should be fair rates and not prohibitive ones available.
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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