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Bad credit history and odd advice given!!
selectcase
Posts: 125 Forumite
Hi All
Just thought I would tell this interesting story. I sold my house this month and used some of the equity to completley clear all of my debts incl mortgage. I was on a debt management plan with the cccs not an iva and had 2 defaults registered against me by 2 of my 5 creditors not because of late payments but because of the reduced payments if that makes sense.
So I am now looking to do a barn conversion and I am planning to purchase a plot of land with a barn with full planning and archeticts drawings for a 2 bedroom conversion. Total cost incl purchase of plot and build is £160,000 (its a small barn!!) so basically I need to borrow 80,000 as I have 80,000 in savings.
The people who sold my house told me they could easily arrange a mortgage for me for a self build as they use the same people as buildstore(a specialist in self build finance). So I got them to have a look only for them to come back saying that with 2 defaults there was no chance even with a 50% deposit!!but i could rent thier flat out if i liked!! very scary when you have risked everything and a living with parents agaiin - so i tried buildstore who specialise in this sort of thing and hey presto the 2 defaults just mean i pay a slightley higher rate for a couple of years which is affordable on 80k and so no problems.
The point is i suppose is that even with the tightening up of credit lines it pays to shop about a bit otherwise you might not get what you need.
Just thought I would tell this interesting story. I sold my house this month and used some of the equity to completley clear all of my debts incl mortgage. I was on a debt management plan with the cccs not an iva and had 2 defaults registered against me by 2 of my 5 creditors not because of late payments but because of the reduced payments if that makes sense.
So I am now looking to do a barn conversion and I am planning to purchase a plot of land with a barn with full planning and archeticts drawings for a 2 bedroom conversion. Total cost incl purchase of plot and build is £160,000 (its a small barn!!) so basically I need to borrow 80,000 as I have 80,000 in savings.
The people who sold my house told me they could easily arrange a mortgage for me for a self build as they use the same people as buildstore(a specialist in self build finance). So I got them to have a look only for them to come back saying that with 2 defaults there was no chance even with a 50% deposit!!but i could rent thier flat out if i liked!! very scary when you have risked everything and a living with parents agaiin - so i tried buildstore who specialise in this sort of thing and hey presto the 2 defaults just mean i pay a slightley higher rate for a couple of years which is affordable on 80k and so no problems.
The point is i suppose is that even with the tightening up of credit lines it pays to shop about a bit otherwise you might not get what you need.
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