chances of a small mortgage ?

BreakfastTea18

Hi there, wonder if anyone can advise ?

I am looking to sell my property, pay off my ex husband's charge and downsized but would need to borrow about 20k to add to my existing equity of approx 150k to buy somewhere suitable for my needs.

The problem I have is, despite having a very high ltv I have 3 defaults on my credit account. These were accrued during my divorce when I was paying large legal bills due to being dragged through the courts by my ex. One of the defaults is on a joint account with my ex for an overdraft whichl he refuses to pay but I have cleared several hundred pounds on, there is still about 450 to pay. Other amounts owed are 1200 to MBNA now with a DCA and 540 to Mint. Mint have refused a full and final settlement.

I do not have enough spare cash to pay these debts but can clear them by downsizing, but would still need to borrow about 20k to add to my existing equity to buy a property suitable for my needs.

My current lender is Halifax and I am up to date with no missing or late payments. With defaults what are my chances of obtaining a small mortgage allowing me to move ?

Thank you

ACG

Tricky one, you might find your better off increasing the mortgage to something like £50k as some lenders who do accept adverse have minimum loan amounts.

I would suggest speaking to a broker. As you have payment plans in place this isnt going to be cheap to place, but as its a £20k mortgage hopefully it shouldnt be the end of the world.