mortgage with bad credit history

damonthebuilder

Evening all


I'd appreciate some advice on my chances of getting a mortgage with my history


Without going into too much detail as to why/how, I have the following 'history':
CCJ that expires August 2017
Partial settlement (and account closed) on 2 c/card debts
Currently paying off £8.5k c/card default exp Mar 2021


I'm looking to raise £275k with a 30%ltv


A long shot I guess...


Any advice greatly appreciated


Thanks


edit: should point out that I've allowed to clear the £8.5k c/card debt with the £275k

MortgageMamma

30% LTV or 30% deposit? is it a remortgage or a purchase? Whats your employment status? Earnings?

It may well be possible but there are lots of other questions need to be asked.

Thrugelmir

damonthebuilder wrote: »

CCJ that expires August 2017
Partial settlement (and account closed) on 2 c/card debts

Devil is in the detail. There's no generic answer. Underwriters will look very closely at the application and be restricted by the lenders own internal policies.

damonthebuilder

Thanks for the replies


I'm thinking of remortgaging. If I'm correct it's 30%LTV (house value £360k, loan £275k)


I'm full time employed on £42k

MortgageMamma

your loan to value is approx. 76%

are you the sole person on the mortgage as I'm afraid you don't earn enough to borrow that amount of money

damonthebuilder

Thanks MM - I see how I got the figures round the wrong way...loan div by value mult by 100 = LTV


Yes, I would be the sole person on the mortgage - I'm trying to raise funds to buy out my partner, but need approx. 130k to do so...


From what you're saying, it seems impossible...

MortgageMamma

No it doesn't look likely I'm afraid, but if you are on speaking terms and going through some sort of mediation an agreement could be drawn up for you to buy her out in stages?