Mortgage advice desperately needed please!!

Minimes2012

Firstly thank you for taking the time to read this!!

My partners mother sadly passed away in February because of this my partner and his brother inherited the house which has no mortgage on it.

The house was worth £125,000 and my partner and I decided we would like to buy his brother out as this would be a good way of getting on the property ladder.

This is where it gets tricky, I am 26 my partner 29 we have both recently paid off all our debts, but I used to be in a debt management plan.

My partner has 1 default on his account I have about 5 (the annoyance of not caring about the future in my teenage years)

We both bank with Barclays both soley and joint and take home jointly around £42500 annually.

Barclays turned us down for a mortgage of £90000 (69% LTV) as the house is now worth £130000 due to home improvements we have already made. They turned us down as I used to have a DMP

We are both so disheartened as we don't know what to do next as we have both tried so hard to improve our credit score (mine 793 my partners 723)

So any help and advice would be greatly appreciated.

Thank you for taking the time to read this x

Thrugelmir

With a DMP on your record you will struggle to obtain a mortgage from mainstream lenders for some time.

Could you come to a private arrangement with your partners brother regarding how you pay for his share of the property?

Minimes2012

Thank you so much for your reply, unfortunately he is awaiting lump some money just as much as us, as that is also his way of getting on the ladder too it's just so disheartening I know it's my own fault, just wish there was a way especially as we are both now debt free x

Minimes2012

Any other advice ? Is it worth trying these bad credit mortgages? X

wannahouse

if you can't get a mortgage in good time, the only fair thing to do is to sell the house,so the brother can recieve his inheritance too.
then you can keep your heads down, be responsible financially to further build up your credit, and lock your share away safely, so in a few more years, you can get a mortgage much more easily.
unfortunately, sometimes when you've made bad choices ,it takes time for people to want to trust you to lend to again.

if you go for a bad credit type mortgage, its going to cost you alot more interest wise, and i would be wondering if you really should be getting into another lending situation, at the moment?

i have read so many threads of people doing things like that, and then when their circumstances change and they cant afford the mortgage, or want to move on, but can not remortgage to a mainstream lender, they end up in an expensive nightmare!
i'd think carefully and try to make the right choice financially this time, rather than just get impatient and wanting everything now...
if no one wants to lend, maybe you shouldn't be borrowing?

GMS

Why have you got 2 threads running? It just confuses the respondents.

Speak to a broker. Don't apply at random to lenders.

amnblog

Speak to an independent broker with experience in the adverse credit market. They will sort this for you.