Recommendations for a broker pls

teacher2mum

Hi guys.
I have always been given brill advice on here. At the moment I am looking to buy a house near the sea for me and my 3 children (2 are autistic). However, after separating from my hubby 3 years ago and near bankruptcy I have probably got a poor credit history.

Here are the positives:

We live in a 3 bed now which is mortgage free and valued are 90k. I have a tenant for this from when I hope to move out at the end of the school year so July (next year!). £500 a month

I have a commercial property I am just going through planning for to convert to 2 new flats and intend to rent out. Around £600 a month

I have a tenant for a year in the house I want to buy..paying a cheaper rate whilst he decorates it for us! Around 500 a month

It will be a 6 bed rather than a three so plenty room for a bedroom each, a play room and my office as I am self employed.

Contracts have picked up again this year and will be earning more.

Negatives:
Not sure high street banks will lend as I am on debt management for overdrafts and credit cards

Self assessments have only been around 8 k a year since leaving hubby due to demands of my own children but that is increasing now I have expanded

No money to renovate the flats atm but could if I could release equity..need about 7 k for first flat!!

Little money for a broker but would consider fees being added to costs.

Although all equity on house I live in Natwest have first charge to the value of £70k which is what is left to repay on the flats. So should be 20 k equity above that

I have no deposit for a buy to let

last time flats were valued 3 years ago I was in negative equity however, I have kept up with my mortage and had some work done. I also believe the value has gone up in that area snce then. I will find out Monday when estate agent has been around. I would consider selling this property if need be and it is no longer in neg equity but I only have 11 years left on my mortgage.

can anyone help advise what to do and best way forward pls..A reliable trustworthy broker. Thank you in advance guys x

ACG

Bad credit and BTLs do not mix well.
I think your circumstances are too compliacated to discuss on a forum and you would need to get your credit reports and sit down with a broker.

Very few brokers will charge for initial consultation but I dont think many experienced brokers are going to do this fee free... and I think thats what you need to have any chance of getting this through.

RickyC_IFSWP

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