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Getting a mortgage with bad credit rating
daveboy47
Posts: 1 Newbie
hi
My mum recently passed away and the house has been left to both me and my brother, my brother wants to me to sell the house, so he can have his money! But the trouble i have is I have a very bad credit rating due to past financial troubles. Which resulted in me getting an IVA , Which is all settled now but have trouble with managing my finances. So my question is will anyone be able to give me a mortgage of 70-80k to top up the 160k that my half of the house is worth?
My mum recently passed away and the house has been left to both me and my brother, my brother wants to me to sell the house, so he can have his money! But the trouble i have is I have a very bad credit rating due to past financial troubles. Which resulted in me getting an IVA , Which is all settled now but have trouble with managing my finances. So my question is will anyone be able to give me a mortgage of 70-80k to top up the 160k that my half of the house is worth?
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Comments
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When was the IVA finished?
What's your income?
Do you have any credit now?
What's showing on the history part of all your credit reports?
Any dependants?
Do you have money for legal fees, broker fees, mortgage arrangement fees etc?
If you are still having trouble managing your finances, after an IVA, how will you maintain a home and pay repair / upgrade bills?
What is stopping you from budgeting? (we all have to learn after financial issues, some don't and it takes two or three attempts).
There are lenders and a good broker will steer you in the right direction.
My condolences for the loss of your mom.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Yes, I would say you should be able to get a 50% LTV mortgage following an IVA - time is the best healer.
How are you still having trouble managing finances now though?0 -
You may want to consider paying your brother slightly less than 50% as well. Factoring what estate agent fees and legal fees etc would beAn answer isn't spam just because you don't like it......0
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