Mortgage advice with bad credit or possible Remortgage at 65

Thrugelmir

ody1977 wrote: »

Or better chance with a joint application with partners 3 defaults in 2009/2010.. 2 of these defaults turned into ccj's that are getting paid monthly (dated 2010 and 2012 respectively) . 1 default unpaid... Not working due to ill health but benefits of approx £20k pa (dla, esa, chb, ctc). Does her income count or will her ccj limit our chances more than her income works in our favour.

Put bluntly. Less than slim.

ody1977

Thrugelmir wrote: »

Put bluntly. Less than slim.

Blunt is good. Don't want anyone to give me false hope. I thought we would have 0 chance a few days ago so to coin a phrase from dumb and dumber, "so there's a chance??" hehe

So best to go for a sole application then with just me?

Thrugelmir

ody1977 wrote: »

Blunt is good. Don't want anyone to give me false hope. I thought we would have 0 chance a few days ago so to coin a phrase from dumb and dumber, "so there's a chance??" hehe

So best to go for a sole application then with just me?

Do you have 6 unsettled defaults?

ody1977

Thrugelmir wrote: »

Do you have 6 unsettled defaults?

No only 5... :j

kingstreet

Please find yourself a good broker and go through the factfind process. He will be best placed to determine what the possibilities are.

Nothing we can now tell you is going to guarantee you anything. Planning with your broker is now going to be of more value than any answer you get on here.

Th adverse credit is going to make life difficult. The equity in the property will hopefully stop it becoming impossible.

ody1977

Hi.... Again. Been on nights so haven't had chance to contact broker yet.

There's been a a new development since last time I posted. We are all weighing up the idea of selling both our house and mums house and buying new property and moving in together.

Our property £140,000
Mums property £90,000
Total £230,000

£65,000 will pay off both mortgages and partners ex.

That will leave us with approximately £165,000 deposit for another property. The house we are looking at is £280,000.

So we need £115,000 mortgage. Is this possible with the following:

Me - £26k pa (bad credit)
Partner - £20k pa benefits (bad credit)
Mum - £12k pensions (excellent credit, 65 years old)

We are open to interest only or repayment or in 1 persons name or in 2 or 3 people's whatever combination would give us the best chance.

Any ideas?

Thanks again

ody1977

Been in touch with a broker today.... They could get me between 75k-100k. On my own.
So that's good news... So should be able to sort out our own house without involving mum.

Everyone involved though now seems to favour selling both houses and getting something bigger for us all. Broker said can't offer anything until both properties are put on the market and see what interest is in them and what the valuation is. Seems like it might just be attainable. Maybe. Any advice or just put both houses up for sale and see what happens?

Dave_Ham

I am nervous.

Put all the houses up for sale and then can get you something sounds strikingly like you have seen an Estate Agent mortgage broker??

Have you physically got an Agreement In Principle and with which lender?

ody1977

Dave_Ham wrote: »

I am nervous.

Put all the houses up for sale and then can get you something sounds strikingly like you have seen an Estate Agent mortgage broker??

Have you physically got an Agreement In Principle and with which lender?

The broker was asked if I could get a mortgage on my own to cover our mortgage and amount to pay off ex. The broker said could get maximum between £75-£100k with my salary, defaults and poor credit. No agreement in principle or anything just advice on what they could do for us.

The selling both houses was just something we mentioned afterwards to the broker if it could be an option for us if we wanted to go down that route.

They are not linked to an estate agency.

Dave_Ham

Phew...

I would want an Agreement In Principle and to explore all options.

What you are trying to do (as I am sure you are aware) is incredibly complicated.

The broker will need to understand where the deposit is coming from, who is going to be living there (these two interlink horribly for many lenders) and how the sales and purchase will be staged.

It is good you have enlisted a broker, now ensure the broker you have enlisted is good.

There is also future care considerations for your Mum, given gifting a large amount of money and potentially not having as many assets/savings.

This is going to be the start of an incredibly difficult process, given what you and Mum have detailed so far.

Be prepared for what is coming and ensure everyone knows everything, especially any potential lender.

Clarify fees upfront with your broker, ensure they fully understand everything. I would be expecting a fairly hefty fee also, just be sure it is refundable for non success if paid upfront.

Best of luck - you will get some good information here and well worth checking in.

All the best