Remortgaging to buy with poor credit.

thebovril

Hi.
I am looking for some advice, I am hoping to re-mortgage or get a loan against a property that I own outright. The property in question is valued at around £160,000 and I would like to get £100,000 to buy another property, my mother lives in the property currently and we rent (looking to buy). We currently have a poor credit history and my wife and I are in our 30's and earn about £35,000 between us. Is this a straight forward procedure or are we being too optimistic? Thanks for any replies.

ACG

There are not many lenders who will do this I do not think.
Added to the poor credit, it could be difficult.

There is not really enough information to give a definitve answer. Poor credit to one person could be a late payment where as another would not see 5 defaults as bad. It all comes down to the details.

I would get your credit reports infront of an experienced broker.

thebovril

Was hoping this wasn't the case. My credit history has a few late payments and 1 ccj. Not impossible to fix but a pain in the backside all the same.

ACG

It comes down to the details. If the default is for £50k and a week old with late payments every other month it will likely be a no go. If however the CCJ is for £10 and its 5 years old with 2-3 late payments years ago, you stand a much better chance.

As I said, you need to get the reports infront of a broker as the devil really is in the detail.