Mortgage advice with bad credit or possible Remortgage at 65

Thrugelmir

£15k to pay off.... Son has 6 unpaid defaults from 4 years ago.... His partner has two ccj's she is paying off and 1 default unpaid from 4 years ago.

This where your son needs to start. In order to improve his credit rating. Unpaid defaults and CCJ's are in essence a show stopper.

Is there a charging order on the property?

kingstreet

Only include yourself in this as a very last resort.

They have remortgage options. Let them work out if these options are realistic first.

Your age and income may be an issue for a transfer of equity to include you, yes. As will the fact that you will not be living in the property.

MotherDear65

Thrugelmir wrote: »

This where your son needs to start. In order to improve his credit rating. Unpaid defaults and CCJ's are in essence a show stopper.

Is there a charging order on the property?

Ideally that is what they are planning to do. But with his partner's health concerns and state of mind. Time unfortuantely could not be on his side.

Charging order?

Thrugelmir

MotherDear65 wrote: »

Charging order?

Given that the CCJ's are to be paid in installments. Possibly the lender(s) applied for charging orders on the property. To secure the debt.

MotherDear65

kingstreet wrote: »

Only include yourself in this as a very last resort.

They have remortgage options. Let them work out if these options are realistic first.

Your age and income may be an issue for a transfer of equity to include you, yes. As will the fact that you will not be living in the property.

I may as well live there I spend enough time there hehe

Ok thanks for all your help kingstreet. Much appreciated.

Thanks again

MotherDear65

MotherDear65

Thrugelmir wrote: »

Given that the CCJ's are to be paid in installments. Possibly the lender(s) applied for charging orders on the property. To secure the debt.

No there is no charging order on the property.

MotherDear65

Hi... Son has been on the phone to London and County Mortgage Brokers and they couldn't offer anything at all. They said if defaults and ccj's were paid there would be a slim chance but with them not paid. No chance.

Back to square one

kingstreet

Some brokers, particularly ones who work at arms length in call centres don't have the experience you'll need for this job. L&C like the quick easy stuff. They don't charge fees, so they'll cherry-pick the best cases - bigger, easier mortgages which will pay them the most commission.

For this job, you need a local, face to face broker and will need to agree a fee for the work which will be involved.

Conrad

MotherDear65 wrote: »

I understand the risks. I would give anything and everything to help my son and my grandchildren. We are as close as close can be.

Please do not do it. I've seen this many times and it often ends in tears. What if son breaks up with his wife, what if he was unable to work? You would have to find £700 om mortgage on an £1100 p month income:eek:

Can they not just seel the place and start anew even if it means renting for a while?

Your son can write off all debts by going bankcrupt - my Brother did this and did not loose the family home. Do not use a middle man to do this as they will recommend an IVA or debt managment plan as those 2 options earn him fees.

Maybe look into that. Being bankcrupt is absolutely fine - my Brother even kept his Bank account. Life goes on but at a scrath of the pen all his debt worry was removed. I don't know your sons full details so I can't say for sure.

MotherDear65

kingstreet wrote: »

Some brokers, particularly ones who work at arms length in call centres don't have the experience you'll need for this job. L&C like the quick easy stuff. They don't charge fees, so they'll cherry-pick the best cases - bigger, easier mortgages which will pay them the most commission.

For this job, you need a local, face to face broker and will need to agree a fee for the work which will be involved.

Thanks I will let them know. You don't happen to know any decent brokers in Merseyside do you? Do they only charge a fee if they find you a deal or charge you regardless? What would a reasonable fee be?

Thanks again from us all.