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No Mortgage poor credit

fellaini_2
fellaini_2 Posts: 8 Forumite
in Mortgages & endowments
Hi, I'm in a position where i own my home outright...but have poor credit and need to take out a small loan. The house was left to me by my mum, so my name is on the deeds and i don't have any outstanding mortgage on the property. My credit history is poor but need to take out a small loan. The companies i have spoken to so far want a outstanding mortgage on the property for me to take out a loan. With having no mortgage this isn't a possibility.......Any pointers in the right direction would be great.

Thanks.
«1

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What is the poor credit? CCJ's, defaults etc?

    How much do you need to borrow and for what purpose?

    With a complex case it is best to speak to a broker.

    Great name by the way. Do you have the 'fro to go with it?!
    I am a Mortgage Adviser
    You 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.
  • fellaini_2
    fellaini_2 Posts: 8 Forumite
    Hi thanks for the reply, the poor credit is a couple of defaults i still have on my record. Are there any brokers you could recommend or suggest?

    Haha thanks wish i did have the fro! And could play football like him.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    When were the defaults and for how much?

    Not allowed to recommend brokers, forum rules.

    Get copies of yoru credit files from Experian, Equifax and Call Credit and get them in front of somebody.
    I am a Mortgage Adviser
    You 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.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Don't go down the loans route... you've already stumbled along that winding path. Can't you cut back and save ..... rein in wants a bit .... reduce the spec ...... and wait until you can pay cash? It'd be a shame to put your mum's house in jeopardy for some shiny stuff :(
  • fellaini_2
    fellaini_2 Posts: 8 Forumite
    The defaults where around 2 years ago, one for around £800 and the other for £1400. ah right ok, I'm new to this. could you send a private message or is this also against the rules?
  • fellaini_2
    fellaini_2 Posts: 8 Forumite
    I hear what your saying, but the loan is really to clear some other debts that have got on top of me. not for shinny stuff.
  • fellaini_2
    fellaini_2 Posts: 8 Forumite
    *shiny*************************************************
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    How much do you need to borrow? Have you tried your bank?
    I am a Mortgage Adviser
    You 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.
  • fellaini_2
    fellaini_2 Posts: 8 Forumite
    I need £3000.....I've not spoke to the bank, I figured they wouldn't help me due to my credit history.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    They may not help but worth asking the question.

    If you go down the mortgage route you may find you need to borrow 25k minimum.

    How much is the property worth? Where is it? What is your income?
    I am a Mortgage Adviser
    You 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.
This discussion has been closed.
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