Mortgage advice

hank71

Hi,

1st post on here, looking for some advice and guidance.

Unfortunatly I have a poor credit score due to going in to default on a few of my credit agreements, due to my ex wife walking out after 22yrs together.

I was left with the house and the debts associated with it and the care of my 3 daughters, wife walked away from all responcibilty of the house and paying bills and started a new life, hence my only option to keep the roof over my head and feed the kids and pays bills was to go in to default. I am paying the creditors but at reduced payments than I should (hence in default)

I have now met a new partner, perfect credit score etc and Im looking to sell my house and and borrow some money to do add further bedrooms on to her house.

My existing mortgage on my house is in the region of £160,000 which is up to date on payments, I want to sell my house and pay this off and then borrow in total £135,000 this is to pay her existing mortgage off and provide the funds to to the work on the house.

Her house is presently valued between £180,000 and £190,000, so we will be looking at a LTV of 75% as it stands and once the work is done and the value of the house increased we should be looking at a total LTV in the mid 60's.

I presently earn £41,000 per year and my new partner in the region of £15,000 so hopefully we should have no issue in proving affordability.

Can anyone recomend a mortgage broker that can assist in obtaining a mortgage if possible and explain the reason Im in defaut etc and provide advice on the best route to take.

Kind Regards


Chris

amnblog

Whether this is possible will depend on what your credit file actually looks like Hank.

Get an up to date copy from Experian, Equifax, and Call Connect to provide to your broker.

Dave_Ham

Hi Chris,

As suggested the exact content of your 3 credit files (Experian, Equifax and Call Credit) will be critical.

Subject to the specific details, this should be achievable and on sensible rates.

Broker selection will be important, so do check with friends and family for specific recommendations.

Ensure any fees paid (and there are likely to be broker fees) are only on success, or refundable if upfront.

Best of luck

hank71

Many thanks for your advice, Ive obained a copy of my credit file and passed this on to a mortgage broker. Hes speaking to the market on my behalf and fingers crossed come back with good news.

Hes agreed no fee upfront and £495 paid upon completion.


Hoping that this will be able to happen.

Chris