Mortgage advice with bad credit or possible Remortgage at 65

Thrugelmir

ody1977 wrote: »

At the end of the day whether I pay my defaults or not it will make no difference really. It's ruined either way. So either wait 3 years and hope for the best then try again. Or try go ahead and get a sub prime mortgage through a broker dealing with adverse credit. Settled debt or unpaid debt doesn't come into it. The mistakes have happened and no getting rid of them until 6 years are up either way.

I was speaking looking forwards not backwards. Time does heal.

In the current market unsettled defaults are a serious negative. Irrespective of the nature of the lender. Lenders have FSA rules and regulations to comply with. Days of easy credit are over for good.

ody1977

Yeah I understand... Unfortunately time might not be on our side. That's why I'm trying to get it sorted as quick as possible no matter what. The main problem is with my partner's health and without going into too much detail, she is very lucky to be alive and the negative effect this is having on her health increases day by day as this drags on. Coupled that with the ex who could change his mind anytime he wants. That's why it is exceptionally risky waiting for credit rating to improve. Otherwise would hang fire... Pay chunks off the mortgage and in 3 years time, I would be mortgage free and credit good. Happy days. At the moment I'm paying off a mortgage on a house that me and my kids could be chucked out of tomorrow if the worst did happen.

ody1977

ody1977 wrote: »

I never asked the broker who the lender was so not sure... Sorry. I was gonna ring the broker back and ask one last thing but feel a bit deflated to be honest. Was gonna say if they were willing to give me a mortgage but only failing the undervalue thing. What would happen if I put forward this:

Equity in mums house 90k
Equity in our house 80k

House We were looking at buying together.. . 280k..

Would they entertain giving me 110k with dropping 170k in equity down as deposit

Or am I living in cloud cuckoo land still?

Dave Ham.. .

Sorry for hassling you.... Any ideas on the above?

Dave_Ham

Making my head hurt now...

Work out what you want to do first, what in an ideal world would happen.

If this is a big place with Mum in the plan great, if not great..

Getting you a mortgage at 4 * your income is not going to be easy, but it will be achievable.

Making that fit legally with where the deposit is coming from is a challenge, probably achievable.

If you walked into my office tomorrow with this situation, I would think with some work the finance was doable. I would be nervous as hell about the other people involved:

Is the Ex really going to take just £10,000, when he is likely to have a solicitor potentially telling him otherwise?

Is your Mrs really going to gift you all of the equity in the property into your sole name?

You need a super sharp broker and a decent solicitor and some people in the equation to play the game.

Good luck

ody1977

Have some paracetamol mate.... Shame you aren't based in Liverpool and wanted a challenge.

You could well be my obi wan!

GMS

Dave is correct, there are many things against you.

What is the total amount of the defaults? Loan to value on your side which is the positive point, probably the only one!

Where is the property? Moe of a curiosity thing as I know the area.

ody1977

GMS wrote: »

Dave is correct, there are many things against you.

What is the total amount of the defaults? Loan to value on your side which is the positive point, probably the only one!

Where is the property? Moe of a curiosity thing as I know the area.

Total amount of my 5 unpaid defaults is £14,861. Most recent is 2 years 8 months old.

Property buying?
Or property we own?

GMS

You mentioned Liverpool. You buying there or live there?

Has your broker exhausted all options?

Dave_Ham

I think I past just the tablets and onto the heavy stuff!

GMS is in your neck of the woods I think, best of luck on this one. I will keep an eye out for your progress, Obi Wan I am not but like the description...

Best of luck

ody1977

Both.. Living in L22 and hoping to buy bigger place in L22. Mum is in L13.

Broker couldn't do nothing for me to buy our house off partner as the lender wouldn't allow an undervalued sale "concessionary something" (was trying to buy for 58k... Value £140k) besides that he thought I would be approved. Last lender he had.

I haven't mentioned this latest idea... Wanted to gauge the opinion of some of the experts on here first to see if it was plausible.

All I can add is that my partner would 100% give me the equity from her house. Mum would 100% give me the equity in her house. Both would allow me to have in sole name. The ex is willing to accept 10k. No reason to doubt at the moment.