Mortgages for People With Bad Credit

khogwood

Hi all,

My partner and I have a mortgage with a company called 'Igroup' as we could not get a mortgage with a regular bank/building society due to bad credit on my part.

I have credit amounting to around £40k, which is currently being managed by a debt management company called Payplan. I pay them a regular amount per month which gets distributed around the different creditors. Obviously this will take some time to pay off.

I have managed to pay off a couple of small amounts when reductions have been offered.

Our mortgage is for £75k and we pay £677 per month, which we think is a bit steep. It is a repayment mortgage, but we know people who have a 100% mortgage on repayment that only pay around £700 per month for £95000.

Is there any way in which we can swap to another mortgage provider, I know that with Igroup there is a clause where you have to pay a fee if you move within 5 years (I think), but it would be nice to know that we can do something some day.

Also, I would like to start repairing my bad credit along with just paying some of it off.

herbiesjp

What is the value of your property?

khogwood

Hi there,

We have recently had the property valued (about 1 month ago) and it was worth between £190k to £210k approx.

It is a 3 bed detached with integral garage and large conservatory (containing a lounge room and a regulat conservatory) along the side of the house.

The house is priced as a 4 bed due to the fact that it is a large 3 bed with 3 double bedrooms.