Help is a secured load our only option!!

Delco22

Could someone help my wife and I sort out a remortgage. We used all our savings to built a house extension a couple of years ago and got it 80% completed as at the time we thought it would be better than a remortgage.
Now after two years we still haven't managed to get back on our feet so we spoke to a local mortgage advisor to get a remortgage who in turn said that all the high street lenders declined our application.
After conducting a credit search we found nothing major ( mortgage payment was late one month in six years) but we had a really low credit score? Our advisor has now told us that the only thing he can offer is a secured loan through Nemo personal finance who get terrible reviews online.
We where looking to borrow 23k on top of our mortgage which is 51k that would have been a 60% loan value on our house. I am a company director and take a small wage along with dividends while my wife is a stay at home housewife.

Any help or advise will be greatly appreciated.
Thanks

Mortgage_Mark_2

Couple of questions...

1. What is the current value of the property (including unfinished extension)?
2. What salary and dividends have you taken over the past three years?
3. Turnover/profit figures from those three years?

The truth is it could be any number of factors that are making you struggle - the low credit score could also be a number of things, how much debt do you have, and how much available credit do you have? When was the missed mortgage payment?

Thrugelmir

How did you finance the works, credit card?

Delco22

Hi Mark the extension itself is finished the only room we have to finish is our kitchen and the front and rear garden. The value of our house just now is 125k and on a average I take 10k a year wage and around 22k dividend. I don't know the exact profit % of hand but I do pay corporation tax every year. And I didn't use the credit card for the extension it's only lately I have been using that. We where going to pay the smaller debts of totalling 8k on the remortgage

Thrugelmir

Try another broker perhaps.

How many children do you have? As this maybe reducing affordability calculations.

Are you contracting through a Company set-up?