90% mortgage but with adverse credit

Phil_rich

Evening all.

We have sold a house that we have been renovating and solicitors are working on the sale. We are now looking to buy another that we have seen. We will have roughly 35k in cash but only want to use 24k (10%) as a deposit so we have some money left to do work on the new house.

We need a good broker who can sort us out. Who can we use? Anyone on here able to do so?

Single applicant as wife is housewife to 4 childern. Self emplyed with last self assesment showing 60k earnings. a few sporadice missed credit card payments, mainly at the beginning of balance transfers when direct debit not set up. Last one in Jan 15...

Also have a car on finance plus some credit card debt.

We have been paying the current mortgage on time for 5 years. For the past year we have also at the same time as mortgage, paid rent on a house at 2x the mortgage cost. (Rebted a larger place to do up house to sell)

Do we stand a chance of getting mortgage? If so where?

Thanks for your time.

EmsShep

Hey there
I have adverse credit, although currently applying for a mortgage with husband who has a perfect history.
I would say you need a broker that is experienced in looking at these types of mortgages and your circumstances.
You can go to unbiased.co.uk and find one through there.

amnblog

You will struggle on 90% with missed card payments on the file, especially recent ones.

It is an option to find a lender, but not without the assistance of an independent broker.

Foxy-Stoat_3

Maybe use the £9,000 to clear some unsecured debt and start saving to do work on the next house.

Can you not transfer your current mortgage to your next purchase, or is it too late for that now you want to take some equity out?

ACG

There will definitely be lenders for it - based on what you have said.
I would suggest you get all 3 credit reports (equifax, experian, noddle) down to an experienced broker.

There is the potential to place this at high street rates, although I think I would prepare for worse case scenario being around 6%.

Thrugelmir

Phil_rich wrote: »

Also have a car on finance plus some credit card debt.

A critical question is how much? At 90% LTV there'll be questions as to how well you are managing your money.