Ditch the mortgage, or deal with it?

toskdc

Greetings.

I'm getting quite desperate and I hope someone here can give me an option a little less rash than the courses of action I'm considering.

I have a £45000 40% share in a first floor 1 bed flat. It has been on the market for about 6 months, and it has barely registered any interest. As it stands if I sold it for what the housing association have decreed I sell it for, I would barely break even.

My wife and I now have a baby girl, and the need to get out of there into something bigger is growing. I am meeting with a new build developer to see if they will part exchange my share against a new house there. Its a long shot, but worth a try.

I have just done a rough credit check using Martin's little credit checking program on this website, and although I didn't think my score was that bad it is telling me that my credit is awful. So the prospect of getting a mortgage grows ever weaker

I am feeling trapped in my flat with few options. One option that has reared its head is starting to rent a house somewhere, and then just cancel all payments to do with the flat and let the bank repossess the flat. But although this is a highly rash action, it may also not be possible because I wont have a high enough credit score to rent somewhere in the first place.

Anyhow, all of these options are very black & white. Are there any options that aren't quite so clear-cut?

If you need any further information please point it out and I'll provide

Cheers

kingstreet

Obtain copies of your statutory credit file from all three CRAs, then make an appointment and take them along to a meeting with an independent or whole market broker.

In this way, you'll establish if you can get a mortgage and what the terms are likely to be. It will tell you if buying again will be possible.

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

Experian

https://secure.wiseconsumer.uk.experian.com/wiseconsumer/secure_index.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase

The £2 paper files are fine. Don't get involved in membership schemes which involve paying for daft "scores" as these are often meaningless.