Re-Mortgage and/or Equity Help with Bad Credit

mrblueskies

Hi Everyone,

Long time follower and reader but first time poster!

I need some advice on remortgaging and/or equity release with bad credit.

i currently have debts of £14,000 through 2x credit cards, a shop account and other methods leaving me with an extremely poor credit rating. I can currently afford monthly bills paying this off in small payments as well as paying the mortgage monthly, however, I ideally want to release equity from my property to clear these debts.

My property is worth £210,000 and I have £85,000 in the property, meaning I still owe roughly £125,000. I want to take out £15,000 to clear the debts. I have spoken to a number of mortgage advisors who say this isn't possible due to my extremely poor credit rating.

My mortgage is with Leeds Building Society if that helps.

Does anyone have similar experiences or advice with getting equity released in a similar circumstance? Any help is massively appreciated.

Advice_seeker1.

Also following we are in a sim position and hoping for some recommendations if a mortgage broker for this situation ?

[Deleted User]

What do you mean by 'a poor credit rating'?

Is it just the amount of debt which concerns you, or do you have a history of missed payments and defaults etc?

obay

mrblueskies wrote: »

Hi Everyone,

Long time follower and reader but first time poster!

I need some advice on remortgaging and/or equity release with bad credit.

i currently have debts of £14,000 through 2x credit cards, a shop account and other methods leaving me with an extremely poor credit rating. I can currently afford monthly bills paying this off in small payments as well as paying the mortgage monthly, however, I ideally want to release equity from my property to clear these debts.

My property is worth £210,000 and I have £85,000 in the property, meaning I still owe roughly £125,000. I want to take out £15,000 to clear the debts. I have spoken to a number of mortgage advisors who say this isn't possible due to my extremely poor credit rating.

My mortgage is with Leeds Building Society if that helps.

Does anyone have similar experiences or advice with getting equity released in a similar circumstance? Any help is massively appreciated.

Anything is possible, ideal to get a broker and talk and be honest with your situation! The more honest the better they are to place you with potential lenders.

This is what happened with us, we were honest about our debt.. etc and next monday we remortgage.

Thrugelmir

mrblueskies wrote: »

who say this isn't possible due to my extremely poor credit rating.

More details required as to why this is.

mrblueskies

Thanks. Who did you end up using?

mrblueskies

The occasional missed payment in the past and the ex partner screwing me over with a debt in my name with a different address that I wasn't aware of.

[Deleted User]

mrblueskies wrote: »

The occasional missed payment in the past and the ex partner screwing me over with a debt in my name with a different address that I wasn't aware of.

You're going to need to narrow this down a bit. How occasional? What form did the over-screwing take?

It might be easier if you post a few details - debts, income, history of missed payments/defaults etc.

It's all a bit vague at the moment.