New Mortgage with bad credit

Glasgood

Looking for advice please..

I currently have a mortgage ( no defaults etc ), it is with RBS and is consent to let. In 2010 I hit a rough point and ended up with defaults on several credit cards, loan and overdraft. This was as bad as it got ie no IVA etc. I have almost paid off the debt, it was about £25k and is now just over £1k.

My circumstances have totally changed, up until recently I lived with my partner in his house ( his mortgage ). We now have two children. Due to personal circumstances we have decided to sell his house and he is looking after the children full-time. We expect to make £15k on the sale after paying off the remainder of my debt.

So my question is when will I be able to get another mortgage?? I spoke to RBS and as expected was declined, they advised me to back to them 6 months after the £1k has been cleared. I know that the defaults will start to drop off next year and it's not that far away however we need to move due to family circumstances and would rather not rent if we can help it.

Are there any lenders that would look at lending to me. I earn a decent salary (£38k), have a secure Job that I have been doing for 12 years, and would be looking at borrowing £130k maximum. The only outgoing we have ( other than normal household bills/ mortgage etc) is a loan of £182.00 a month ( RBS loan).

I live in Glasgow so it would need to be a place that deals with Scotland.

andyfromotley

you should find a mortgage broker who can deal with adverse credit. They will be able to review your circumstances and hopefully find an appropriate lender.

Glasgood

Thanks Andy, that's what I thought but I'm not sure how to go about finding a reputable one. I did have a look ( should have said in post ) and phoned one today but they said to wait until I'd finished paying off debt. Can anyone recommend one?? Thanks Again.

Thrugelmir

What's happening to your existing property?

Glasgood

Apologies for the late response, Thanks Thrugelmir I plan to keep the existing property. It has a decent amount of equity in it and is easy to rent out so long term it is an investment. I would imagine some would advise to sell it and use the equity however I will never be able to buy in this area again ( due to house prices multiplying ) and I hope to one day retire there.

flyingfox

It really makes me mad that people are in this position because of bad credit which many average working people have been driven to by our corrupt economy. The whole banking/financial sector defaulted and cancelled all their own debt (millions/billions/trillions??) with no repercussions - but not so for the average person and all of our important public health services, who/which are now being screwed over economically by the very same people, in the name of austerity which is a complete lie. All debt should have been and should be cancelled - it shouldn't just be socialism for the capitalists. Can't believe we are all just sitting here and letting it happen - we should be all be standing together and nationally revolting against these corrupt corporations who have and continue to dictate our lives. Just wish I knew how to do it!
Sorry to butt in and hope you get what you need.

Glasgood

Thanks Flying Fox your time and response is appreciated. Unfortunately I haven't had a chance to post in the last day or so - I am not being ignorant not coming back to the forum, just very busy. I see that there have been hundreds of views to this post...does that suggest a common problem?. Whether or not, I am still in the same situation and would really appreciate it if someone could recommend a reputable broker in Scotland ( better still Glasgow ). Thanks again for taking the time!!

Glasgood

Hello Again, I'm still looking for advice/ recommendation of a mortgage broker in Scotland who deals with bad credit?? Would really appreciate the assistance. Thanks.