Re-mortgaging with adverse credit

glowballs

Hi,

I'm looking for some advice..

I've lived in my current home for over 4 years with my wife and 2 children, however due to a 'new addition' to our family in a few months we're desperately short of space (small 2 bedroomed house with one bedroom already split for children!)...

Problem is we took a NR 125% mortgage and are still in negative equity and NRAM aren't offering any type of new mortgage.

The problem is our home is too small, and unsure what to do, who to speak to etc.. We have poor credit as a result of bad advice and also on a Debt Management Plan... However we're desperate to find a way of transferring our mortgage or whatever we need to do.

Don't really want to sell the house and drop the mortgage as we may not get back onto the mortgage ladder as easily!!

Help!

Steve

_Andy_

No other lender will offer you a product.

Thrugelmir

glowballs wrote: »

Don't really want to sell the house and drop the mortgage as we may not get back onto the mortgage ladder as easily!!

Given you are currently in a DMP. Then your options are somewhat limited for the foreseable future. I would suggest that you pay a visit to the Debt Free Wannabe forum to start with. Plenty of advice and support on there.

holly_hobby

Does this post mean you have abandoned this previous thread re the mis-sale of the mortgage .. ??

https://forums.moneysavingexpert.com/discussion/4372355=

Holly

holly_hobby

glowballs wrote: »

Hi,

I'm looking for some advice..

I've lived in my current home for over 4 years with my wife and 2 children, however due to a 'new addition' to our family in a few months we're desperately short of space (small 2 bedroomed house with one bedroom already split for children!)...

Problem is we took a NR 125% mortgage and are still in negative equity and NRAM aren't offering any type of new mortgage.

The problem is our home is too small, and unsure what to do, who to speak to etc.. We have poor credit as a result of bad advice and also on a Debt Management Plan... However we're desperate to find a way of transferring our mortgage or whatever we need to do.

Don't really want to sell the house and drop the mortgage as we may not get back onto the mortgage ladder as easily!!

Help!

Steve

At this point I would abandon clinging on to home ownership (which is giving you no benefits at present) and seek rented, which may need to be social housing re overcrowding, due to your poor credit history and (I am guessing) lack of funds for the level of rental deposit with respect to private rental market, that may be reqd given your current credit standing.


Hope this helps

Holly

ILW

holly_hobby wrote: »

At this point I would abandon clinging on to home ownership (which is giving you no benefits at present) and seek rented, which may need to be social housing due to your poor credit history and (I am guessing) lack of funds for the level of rental deposit with respect to private rental market, that may be reqd given your current credit standing.

Hope this helps

Holly

That would possibly end in bankruptcy due to the negative equity.

holly_hobby

Yep, a consideration given the OPs hard position and standing which may not be the end of the world (day to day living wise), but should not be considered either lightly or without due diligence, as his financial standing WILL be ruined for a v long time.

Holly