Remortgaging (complicated scenario)

maverick_77

Hi all,

Firstly, apologies if I have posted this in the wrong forum. If I have, please inform me and i will move it.

I would like to 'remortgage' my property to consolidate some debt and buy a new car but have a very unusual circumstance.

My house was given to me as via inheritance over a year ago. It has no mortgage or debt attached to it and is of high value (estimated £1.6m). I have a checkered credit history many due to a couple of credit card defaults and as a result obtaining credit isn't easy for me. That said i would like to raise some capital from within my property to clear any outstanding bits i do have whilst also doing a bit of home improvements and possibly buying a new car. Total required Loan to value is very small (£100k tops). I tried to go via a very 'by the book' mortgage broker who applied with Nationwide and a couple of high street lenders and i was rejected outright because of those two defaults, both of which were issued in the past 12 months.

Now I'm at a loss as to what exactly to do next. I see many brokers offering services for people with adverse credit etc but surely my circumstances are quite considerably different to most and I fear I may not be able to actually get approved anywhere. I am 30 years old and in full time employment with a good salary. I'm also married and my outgoings are relatively modest.

Could anyone advise on what they think my best course of action should be?

Thanks!

David_White

If your broker was aware the defaults were within the last 12 months and still tried high street lenders they were wasting your time.

I wouldn't say your circumstances are "considerably different to most" and there may be a lender available to you now if you speak to one of the specialists you've come across previously.

Thrugelmir

Secured loans are an option. Lenders don't target residential mortgages at the market to provide for debt consolidation and finance to buy cars. Nor is a £100k a small sum in this regard. Your previous credit history maybe a red flag as well.

maverick_77

David_White wrote: »

If your broker was aware the defaults were within the last 12 months and still tried high street lenders they were wasting your time.

I wouldn't say your circumstances are "considerably different to most" and there may be a lender available to you now if you speak to one of the specialists you've come across previously.

Hi David,

Thanks for the reply. Any suggestions on brokers that could be an option to help?

Mav.

maverick_77

Thrugelmir wrote: »

Secured loans are an option. Lenders don't target residential mortgages at the market to provide for debt consolidation and finance to buy cars. Nor is a £100k a small sum in this regard. Your previous credit history maybe a red flag as well.

Hi Thrugelmir,

Thanks for the response. So are you suggesting that a secured loan is a better option? What would you suggest if you we're in my shoes?

Mav.