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Adverse credit mortgage
Flowerpot1987
Posts: 1 Newbie
Good morning all,
I'm in a bit of a sticky situation with my mortgage. A couple of years ago, I was extremely lucky to buy a house at a reduced price from my Mum and Step Dad. The 40% gifted equity worked as my deposit, enabling me to get a mortgage of £155k (at 7.9%!) with UTB. This was on the premise I would be able to get a high street rate in 2 years. I have then since had no problems, I have a relatively well paying job of £70k pa and no hire purchase or other debts.
Last year, I lost my Step Dad and beloved Gran in very rapid succession - whilst Mum was sorting out finances, I stepped in to support her financially and covered funeral costs etc. This unfortunately meant I missed one mortgage payment completely (July) and paid reduced amounts on the other two until I got back on my feet (May/June). I also missed a credit card payment due to the angst of the situation (July). I have paid the arrears back on-time since then (apart from January and February this year due to lack of sick pay at work - my contractural mortgage payment was made on time and in full).
My mortgage is due to expire in July, and I will then be on an SVR of 9.2% adding an additional £200 to my mortgage. The problem is, I want to sell and take on a property in a different area (I have around £110000 equity in the house - looking to borrow around £200k, so not a massive increase in my borrowing now.
What are my chances of securing a new mortgage with this in mind? I should add I do have historic defaults and a CCJ - but these are from 2020, not recent. Can you recommend any brokers / lenders who might consider me?
I'm in a bit of a sticky situation with my mortgage. A couple of years ago, I was extremely lucky to buy a house at a reduced price from my Mum and Step Dad. The 40% gifted equity worked as my deposit, enabling me to get a mortgage of £155k (at 7.9%!) with UTB. This was on the premise I would be able to get a high street rate in 2 years. I have then since had no problems, I have a relatively well paying job of £70k pa and no hire purchase or other debts.
Last year, I lost my Step Dad and beloved Gran in very rapid succession - whilst Mum was sorting out finances, I stepped in to support her financially and covered funeral costs etc. This unfortunately meant I missed one mortgage payment completely (July) and paid reduced amounts on the other two until I got back on my feet (May/June). I also missed a credit card payment due to the angst of the situation (July). I have paid the arrears back on-time since then (apart from January and February this year due to lack of sick pay at work - my contractural mortgage payment was made on time and in full).
My mortgage is due to expire in July, and I will then be on an SVR of 9.2% adding an additional £200 to my mortgage. The problem is, I want to sell and take on a property in a different area (I have around £110000 equity in the house - looking to borrow around £200k, so not a massive increase in my borrowing now.
What are my chances of securing a new mortgage with this in mind? I should add I do have historic defaults and a CCJ - but these are from 2020, not recent. Can you recommend any brokers / lenders who might consider me?
0
Comments
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It should be possible and likely at rates lower than you are paying now. But I think you will struggle to get high street rates.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You will definitely need a broker who is experienced with adverse cases to place your application.0
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