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getting a second mortgage or re mortgage with default
katiejohnson234
Posts: 2 Newbie
So we are about to sell our house for £270,000. We have £158,000 left on our C&G Mortgage. We are going to buy my parents house for approx. £350.000. So the sale of the house will leave us with a approx. £105,000. However as we have debts and a default on our credit file for another 3 years we want to get rid of the debt totalling 45,000. SO we then have 60,000 to put towards the new house. However as I said we have a default and from what I have seen on the internet nobody will touch us with a default . My parents are happy to for us to do whatever we have to do. and are not in desperate need for the money. My question is could we take our existing mortgage with us and then use the £60,000 towards a private mortgage set up to pay my parents direct for the remainder. Do you think our mortgage lender would allow this as I know they will not lend us the rest with us having a default. Or are there any lenders out there that would lend us the second mortgage with a £60,000 deposit which would be approx for £132,000 . Once our default comes off our credit file we could then get a cheaper more competitive mortgage.? If our mortgage lender does not agree to transfer our existing mortgage to the new house would we then be in a position to not get any mortgage? Sorry for all the questions!
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Comments
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When was the default registerd and for how much?
Where will your parents live after you buy their house?
What will be the purchase price?
What incomes do you have?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
C&G are not going to let you 'take your mortgage with you' if you have a poor credit history - so you need a new Lender.
You need to get yourself some independent advice before this all goes wrong for you and your parents.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi, Thanks for reply.
Defaults were both for approx. £4000 dated Feb 2012 and May 2012.
Parents have already bought a new house and have moved out.
Purchase price will be approx. 350,000.
My husband takes home £4787 per month and myself £550.
Many thanks0 -
You have slim lending options and need a decent broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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