Remortgaging with Poor Credit Score

dsgg10

I seem to be stuck in a loop that is getting me nowhere (except tighter an tighter every month) and yes I appreciate its a nice problem to have:
Last Year I bought a house, that needed some renovation - at the time we were renting anyway and I was already renting my old house out. I want(ed) to keep my old house as a rental. At the time the mortgage adviser for the new house, recommended not remortgaging (about 80-100K equity available), the old house until after completing on the new one with the new mortgage. 

Having completed and started renovation work, I found I couldn't then get the lender (or others) to remortgage the old house, even though the rent (~600) covers the mortgage (~280) and then some. So I took a couple of loans + credit cards to pay for the renovations...
So now I am stuck, the cost of the loan/card repayments, means I keep getting turned down for remortgaging the old house due to exposure coverage (odd). The new house is on fixed 5 year and the cost of finance is leaving me ~0 every month

I could sell the old house, but I don't particularly want to, the Tenant has expressed an interest in buying but doesn't have enough saved up as the deposit an Id rather not push her out by selling on the open market. 

Its stupid, with a remortgage- i could pay off the loans and cards (except maybe 1) and reduce my monthly outgoings by more £1K 
Anyone have any ideas? Thanks D
   
    
        

ACG

Is this you trying lenders or your broker? 
On the face of it, it seems easy enough to overcome but if the broker is struggling it either means there is more to it than your post suggests or your broker is not inexperienced/not interested? 

dsgg10

ACG said:

Is this you trying lenders or your broker? 
On the face of it, it seems easy enough to overcome but if the broker is struggling it either means there is more to it than your post suggests or your broker is not inexperienced/not interested? 

Tried 3 different brokers and direct to the existing lender - thanks

foxy-stoat

Sell the new house, hopefully at a nice profit.  Pay all the unsecured debt down and go house hunting with your profit with zero debt.....or sell the first property.

dsgg10

foxy-stoat said:

Sell the new house, hopefully at a nice profit.  Pay all the unsecured debt down and go house hunting with your profit with zero debt.....or sell the first property.

Its an option - but I still have a few years of work to do to get it where I want it (and I rather like living here). Selling either is what i'd hope to avoid