Bad credit mortgage at reduced purchase price

Grippa

My parents want to sell us their house at a reduced purchase price. It is valued at £240k. Ideally I would like to get a 150k mortgage, giving £140k to my parents, and keeping £10k to pay off a few other debts etc.

The problem is, I have poor credit. I am in a DMP, although I have no CCJs or bankruptcy.

What are the chances of us finding someone who will lend us the mortgage. I've been told that the fact we would immediately have £90k equity doesn't really help the situation.

This really is a fantastic opportunity for me to provide a good future for my family, and I would be devastated if we missed out because of my past mistakes.

Thanks in advance for your help.

Conrad

There are a handful of bad credit lenders. All will usually require Bank statments. Whether they will lend depends on your credit history etc.

Lenders in this arena include;

+ G E Money
+ MBS Lending
+ I Group
and some others.

Not all allow a sale under value.