Getting a mortgage on bad credit

catalepticstate

Hi,
I cannot get a mortgage. I earn enough to get one. I do not have a deposit.

My mum owns two houses. One that I was part owner of, and another she has on a buy to let mortgage.

I took my name off the one house, in a promise for her to give me the house with the buy to let mortgage as a wedding present when I got married.

I am now married, and I would like to take over the house with the buy to let. But I do not want to live in that house. Obviously because the condition of the mortgage is to let it out and not live there yourself.

Say if the house is transferred to my name, would it be likely that I can get a mortgage on another house based on the value of the current one?

Or could I get a loan off it for a deposit for a house?

Any help would be great.

Thanks

danielanthony

It depends on how bad your credit is, how much debt you already have and how big your deposit is.

Annisele

You can't just "take over" the BTL. If it has a mortgage on it, then that mortgage has to be paid off before the house is transferred to you.

From the existing lender's perspective, it doesn't matter where that money comes from. Your Mum might have cash to pay it off, or you might take out a new mortgage in your own name. But you can't just "take over" the existing mortgage.

Whether you can have a BTL mortgage will also depend on how bad your credit is, amongst other things.

catalepticstate

I have around £800-1000 in debt with payday loans.
A loan of £3000 that has just over £1700 paid off

Currently my deposit is 0.

It's not looking good then.