Looking for a 'small mortgage loan' broker?!

pharmice

Hello,

First post here but I have been a regular lurker on this forum.

I have won a bid for a property on an online auction. The total cost of the property is £31,200. I have a deposit of £12,500, that leaves me with an outstanding balance of £18,700 to be paid within an 8 week time-frame that starts this week. I have thought about approaching my bank for a personal loan but I have chosen to approach this forum first for advice.

My annual pay is £21,500. My take home pay per month averages £1400. At the moment, I live in Army accommodation so all expenses goes out of my pay before it hits my bank account. I have a credit card with a limit of £2400, and an outstanding balance currently of £700. I have 2 satisfied defaults of £75 and £350 which have since been paid off by middle of last year, the defaults where registered over 3 years ago by virgin media and Capital one respectively.

Are there any mortgage lenders out there that can finance this property please?

amnblog

You should have sorted this funding out before bidding.


Finding a lender that will lend just £18,700 on a property worth just £31,200 and a poor credit history is not going to be easy. Is it habitable?


You should engage a broker before this costs you too much money.

pharmice

amnblog wrote: »

You should have sorted this funding out before bidding.


Finding a lender that will lend just £18,700 on a property worth just £31,200 and a poor credit history is not going to be easy. Is it habitable?


You should engage a broker before this costs you too much money.

The property is habitable and is based in Sunderland. My question is how do I get in touch with a broker that specializes in small mortgage loans please? Family and friends have no idea.

ACG

I dont think any broker is going to advertise they specialise in that sot of market.

I can only think of 1 possibly 2 high street lenders this may fit with - have you thought about getting a secured loan? You could probably get that at a rate of maybe 7-8%. It wont take anywhere near as long as a mortgage to go through.

Let_Us_See

There are quite a few High Street lenders able to provide a mortgage at this level, however your defaults might be a problem, but at 60% LTV it should be placeable.

No such thing as a "small mortgage loan" broker (and who would want that title?), but I agree a broker is your best way forward.

pharmice

ACG wrote: »

I dont think any broker is going to advertise they specialise in that sot of market.

I can only think of 1 possibly 2 high street lenders this may fit with - have you thought about getting a secured loan? You could probably get that at a rate of maybe 7-8%. It wont take anywhere near as long as a mortgage to go through.

The last time I did a 'soft check' with my bank for a loan, I was quoted an APR of 19%. The same bank (RBS) approved my credit card with double the advertised credit limit at the advertised APR. Plus I'm not exactly sure if the bank would approve a personal loan if they are aware it is going to be used to buy a property.