Mortgage advice please!!

emsy1988

Hi, I wondered if anyone could give me some advice, my husband and I bought our home nearly four years ago with a 40k deposit, we've been paying capital and interest mortgage with RBS since. We've now had a child and need somewhere bigger but in the last four years we have had to have a consolidation loan as we got into a bit of a financial mess after we had our daughter through me not earning much when on maternity leave. We've found a house worth less then ours that we'd like to buy but are not sure if we could get a new mortgage for it. Does anyone know if we could transfer our mortgage with RBS or should we look for a mortgage company that specialises in customers with bad credit?
Thank you, Emma

ACG

What bad credit do you have? Having a loan to consolidate debt in itself if not a problem.

If you could let us know:
Missed/Late payments (how many and when was the most recent)
Defualts/CCJs (How many, dates, amounts and whether satisfied - if so, when).
Purchase price of new property,
Deposit amount,
How much is your income,

That should be enough to get us started.

As for porting the mortgage, it may be an option but you need to meet their criteria as it stands now.

Caz3121

You will not be able to transfer your mortgage as it stands...when people talk about a mortgage being transferable/portable, this refers to the deal/rate, you would still need to meet the current lending requirements around LTV and salary multiples etc

kingstreet

As ACG asked, how much deposit and any adverse?

Obtain all three credit files and put in front of whole market broker. No national estate agency advisers!

Simon_gloster

You will be able to consider porting the mortgage ie at a decrease even if you have adverse. Should you lower your debt and better the lenders position in LTV then an underwriter would have a good case to agree the loan.

emsy1988

Haven't been any late payments for quite a few months no ccjs but could be a default from a few months ago. Bought our house for £139k 4 years ago so mortgage was for 100k. I work p/t earn £11k a year partner self employed earns £16500 a year. New house we'd like to buy is £125k but needs some work hence the price.
Thank you

kingstreet

emsy1988 wrote: »

could be a default from a few months ago

There is, or there isn't.

Do as suggested;-

Obtain all three credit files and put in front of whole market broker. No national estate agency advisers!