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Shared ownership remortgage, bad credit history= no chance?

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Paul_TT
Paul_TT Posts: 14 Forumite
in Mortgages & endowments
We bought a new build property in 2008 on the shared ownership scheme, we got a 25% share (rent on the other 75%) and due to previous poor credit history we ended up with Cheshire mortgage company but our mortgage for £49,000 is costing us around £440 a month and that is interest only! interest rate is around 12% on this so is there anywhere we could remortgage with a bad credit rating still with us? Or are we stuck with that?

Thanks in advance for any help!

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Why do you still have a bad credit rating 6 years later?

    Have you incurred further adverse credit since purchasing?

    What issue(s) do you have?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Paul_TT
    Paul_TT Posts: 14 Forumite
    Few missed payment on various things last 6 years, trying to get back on track but unfortunately we ain't that well organised (we do try) nothing as serious as CCJs though just missed payments but we know our credit rating is bad as we applied for credit from DFS last year and got turned down
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