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Help I'm struggling!
tight_old_cow
Posts: 11 Forumite
Please can someone advise me. I have never been short of money thanks to this website however I now realise I have made a massive mistake. I am a single mum and work part time but managed to buy my own house with cash. I now need approx £25,000 to do some renovation which I thought I would easily be able to borrow. How wrong I am! My property is now worth £340000 but I only earn £16000 and have been turned down firstly on affordability and then on my credit history. I have never had a loan before but since moving had issues with my mobile phone service so refused to pay twice leading to a default which gives the misleading impression that I couldn't afford to pay. Even my own bank who I saved up the money to buy my home won't loan to me due to credit history although they know I could easily afford to pay this default..it's two months payments £47! Ps I do have mental health issues and this is making me unwell. Can anyone advise me.x
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Comments
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Have a chat with a broker.
Im surprised you are failing affordability on a £25k mortgage when you are on £16k a year.
The default is another issue but one I am sure can be overcome and at normal rates based on the amount of equity you have.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I think the affordability part is because I have 2 children but thank you for your reply.0
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Ah ok, that would make an impact but I assume you probably get some sort of tax credits to boost that?
I still think speaking to a broker is your best bet.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
£25k is a sizable sum for renovation. Can you not break the work down into phases.0
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There is no problem bigger than you. This is a hiccup, you'll find a way around it.tight_old_cow wrote: »Ps I do have mental health issues and this is making me unwell. Can anyone advise me.xValue-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy
...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0
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