Could really do with some advice!

SophieLoui23

I've found myself in a bit of a complicated situation and could really do with some advice regarding my mortgage, so here goes.

I bought my house in 2014, paying cash which was borrowed from a friend (basically a private mortgage) due to my credit history.

I now really need to sort out a 'proper' mortgage, so will have to go down the route of remortgaging. However, there's a couple of issues I need help with. Any advice would be greatly appreciated!

- In 2011 and 2012, I found myself in a bit of a rough patch financially and used payday loans. I have a total of 12 payday loans on my current credit report, with 2 being defaults. There is also another default from Littlewoods. I am looking into getting the payday loans removed from my credit history under 'irresponsible lending' but if the companies refuse to do that, is there any way at all that I will be able to get a mortgage?

- My job situation has also been a bit tricky recently. In started a job in 2011 and worked there for 3.5 years, building up my salary to a decent amount in the end. Then I was put on gardening leave from September for 6 months. However, during that time, I did temporary jobs and so was given a lump sum payout for the remainder of my gardening leave, in order for me to not be overtaxed on my temp jobs. So really, from November 2014, I have inconsistent work history until April 2015 when I started temping again and was offered a full time contract in May 2015.
I took on a second job (bar work) in March 2016 to cover extra expenses and then left my main job (office work) in April 2016. I have since been working at what was my second job (bar work) and doing some adhoc freelance work too.
So really, I have just over a years continuous employment, but the earnings from one job to another are not on par. I am now earning far less than I was in my office job.

- I am looking to go back into full time work with a decent salary on a 6 month contract (ending December 2016). I am planning to spend 3 weeks in Australia over Christmas visiting family, so this is the main reason for the 6 month contract, and although I'm planning to have another job lined up for when I am back in the new year, this isn't guaranteed.

- I have a 55% LTV on my current property.

Sorry to have a bit of a mind spurt, but I think I needed to write it all down so that I can weigh up my options and work out whether I have any hope of actually being able to remortgage and pay my friend back the current loan?

foxy-stoat

So you have a current mortgage thats 55% LTV....the other 45% was borrowed from your friend?

Or

Your "mortgage" with your friend is 55% LTV?

SophieLoui23

No, I borrowed the full amount from my friend, renovated using my own money and have now had it revalued. If I was to remortgage, the amount I would require to payback friend would be a 55% LTV mortgage.

Should also mention that my bar job is a zero hour contract.

I just really need to work out a longer term plan. I don't necessarily need to pay back my friend right away, but if it's possible in a few months time that would be ideal.

foxy-stoat

You should see a broker, they will be better placed to advise you. Wait until the earliest default/information of pay day loans is 6 years old, they will drop off your credit history then.

I would not be thinking about taking on a mortgage until I have been in a secure job for at least 6-12 months.