Looking for sub-prime mortgage expert please

showmethemundy

Hi

We have equity and good earnings, but poor credit ratings. We are looking for a mortgage adviser please, that has experience in dealing with these things.

Thank you

ACG

What bad credit do you have? Arrears? Defaults? CCJs? Bankruptcy?
When were they registered?

showmethemundy

No CCJs, BR or Arrears,

1) £15k of bank and credit card defaults under a DMP that we'd be looking to settle with a remortgage - defaults dated between 2012 and 2016
2) +£5k of credit card debt that shows as "up to date" on credit report but which is actually under a DMP
3) +£6k 'charge' on our current property from an old CCJ. The CCJ no longer shows on our credit report
4) £18k mortgage - up to date

We own 50% of existing property valued at £90k. So after paying mortgage and charge, equity of approx £66k.

Married earning £35k and £30k pa.

Looking to borrow around £115k to buy the other 50% of part-ownership, settle mortgage, charge and release enough to pay off debts.

To be clear:

Buy other half of house - £70k
Pay off existing mortg - £18k
Pay off charge -£6k
Pay off debts -£20k
Total borrowing -£114k

against 100% ownership of a £200k property

Thanks

showmethemundy

Anyone able to answer? Thanks

Mortgage_Adviser

Why don't you use the broker?

ACG

Mortgage_Adviser wrote: »

Why don't you use the broker?

They were asking if anyone knew of a broker, they dont have one as yet.



Most brokers that advertise they do adverse will probably do adverse.

Brokers dont tend to advertise doing adverse for the fun of it as there is normally a lot more work involved. Have you had a look on google for local brokers who advertise doing adverse?

showmethemundy

Thanks. I have contacted justmortgagebrokers

getmore4less

showmethemundy wrote: »

No CCJs, BR or Arrears,

1) £15k of bank and credit card defaults under a DMP that we'd be looking to settle with a remortgage - defaults dated between 2012 and 2016
2) +£5k of credit card debt that shows as "up to date" on credit report but which is actually under a DMP
3) +£6k 'charge' on our current property from an old CCJ. The CCJ no longer shows on our credit report
4) £18k mortgage - up to date

We own 50% of existing property valued at £90k. So after paying mortgage and charge, equity of approx £66k.

Married earning £35k and £30k pa.

Looking to borrow around £115k to buy the other 50% of part-ownership, settle mortgage, charge and release enough to pay off debts.

To be clear:

Buy other half of house - £70k
Pay off existing mortg - £18k
Pay off charge -£6k
Pay off debts -£20k
Total borrowing -£114k

against 100% ownership of a £200k property

Thanks

you have 3 different values for the house.

£180k(50% is worth £90k) then
£140k(50% is worth £70k) then
£200k(50% is worth £100k)


Is is really shared equity based?

There will also be costs buying out the other bit.

thriftylass

showmethemundy wrote: »

Hi

We have equity and good earnings, but poor credit ratings. We are looking for a mortgage adviser please, that has experience in dealing with these things.

Thank you

Hope you don't mind me asking. Do you have kids or are those salaries just for the two of you. With such good earnings and "only" £20k debt I would rather just pay them off first and then look for a much better mortgage deal. Also if you have a history of debt (reasons?, sorted now?) I would prob not advice to make them secured against your property.

showmethemundy

getmore4less wrote: »

you have 3 different values for the house.

£180k(50% is worth £90k) then
£140k(50% is worth £70k) then
£200k(50% is worth £100k)


Is is really shared equity based?

There will also be costs buying out the other bit.

I'm no expert, but from what I understand:

• 180k - because whilst the Housing Association own 50% it's capped as affordable housing
• 70K - because we've done so much work to the house, we were told we can buy the other 50% and they would take that work into consideration - double glazing, central heating, etc
• 200k - because once we own 100% it's no longer classed as affordable, and that's what it's worth

showmethemundy

thriftylass wrote: »

Hope you don't mind me asking. Do you have kids or are those salaries just for the two of you. With such good earnings and "only" £20k debt I would rather just pay them off first and then look for a much better mortgage deal. Also if you have a history of debt (reasons?, sorted now?) I would prob not advice to make them secured against your property.

I don't mind at all. We have two (5 and 8). We are currently using our surplus to pay off debts as quickly as possible. But because he have a bit of equity we were hoping to release that and pay off debts in one chunk. Because we are part ownership, I don't think we can borrow conventionally against the property to release equity, without increasing our ownership %.