Bad credit mortgages

Lu200184

I have a bad credit rating; I'm in a debt management and, consequently, have accounts in default. But I am making regular payments. I own a property (mortgaged), which I have a consent to lease for. I rent that out and I am currently renting myself.

My parents have offered to lend me some money to put towards buying a house but I am concerned that I will not get (another) mortgage.

My plan would probably be to pay off my remaining debts with some of the money and then use the rest as a deposit. My deposit would be about 30%.

Is it possible, given my bad credit rating and the fact that I already have a mortgage with a consent to lease, to get another mortgage?

Which lenders would likely lend to me?

Can anyone recommend a broker with experience in bad credit mortgages?

TIA

ACG

Theres not really enough information ti give an idea but I get the impression the DMP was started a couple of years ago. Assuming the defaults are over a year or 2 there could be options.

Grab your credit reports and get them to a broker with experience in bad credit mortgages and they will be able to confirm within minutes if there is a chance.

Lu200184

ACG wrote: »

Theres not really enough information ti give an idea but I get the impression the DMP was started a couple of years ago. Assuming the defaults are over a year or 2 there could be options.

Grab your credit reports and get them to a broker with experience in bad credit mortgages and they will be able to confirm within minutes if there is a chance.

Many thanks, could you recommend a broker with such experience?

ACG

Im not allowed to recommend brokers or lenders. Have you looked on google or asked friends/family?

Lu200184

I have googled but quite a few come up. I've contacted a couple now so hopefully they will be able to advise me. Thanks for your help!

obay

Lu200184 wrote: »

I have googled but quite a few come up. I've contacted a couple now so hopefully they will be able to advise me. Thanks for your help!

Kensington just approved us. Just careful it's a long old process and they just want to know what color your hair is and what drink you have also!

We're paying 4.48% in interest so.

Lu200184

Thank you. I'll look into Kensington.

Caz3121

do you have enough equity in the rented property to move it to a BTL mortgage? (possible increased rate)

Lu200184

I don't think so 🙁

Thrugelmir

Starting point is to clear your existing debts. If your parents are agreeable.