Porting mortgage with bad credit but lower LTV

upsanddowns

I currently have an interest only mortgage at 100% LTV (oh the glory days of 2006!) and the property is now probably worth around £5k-£7k less than the borrowing of £120k. Sounds great so far doesn't it? :rotfl:

I went bankrupt but was able to keep the house as (1) it is the family residence and (2) its in neg. eq. anyway so wouldn't have helped.

Post bankruptcy, I started my own business which has done amazingly well. The bankruptcy only ended a year ago though, so its still on my credit file and means I have no chance of a new mortgage whatsoever. On the upside I can't get credit so I owe no one anything apart from my mortgage.

Soon, I will have around £60k+ in savings but even so I will never get a new mortgage to upsize.

Obviously no one will want to lend to me and my current lender (Scottish Widows) probably want rid of me altogether. However they and I are stuck with each other based on the circumstances.

My question is this: Do I have any chance of convincing them to port the mortgage to a new property that I will put my £60k+ (less the deficit I will need to make up due to the neg eq.) into, thus reducing the LTV massively and giving them a much better level of security?

I plan on going repayment as opposed to interest only regardless of whether they will port it or not, but before I do that, I wonder if that could be another bargaining chip...