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Matteo94
Matteo94 Posts: 1 Newbie
in Mortgages & endowments
Evening Everyone,

I've finally decided to get my life in order! I'm looking to get a remortgage on an unencumbered property, looking to raise finance for a wedding and to get a buy to let. The property was my parent's but they've separated. My father doesn't want anything to do with it and me and my brother are looking to get added to the deeds. My credit rating is abysmal, I mean seriously bad. The good news is that my mums and brothers is squeaky clean. I've got a high salary, my brother has a salary of £19200 per annum. However, mum isn't working because she's a house wife.

If anyone can point me in the right direction, it would be much appreciated. Willing to pay for a pint!

Some details below:

Salary £27400 per annum
Bonus: £2400 per annum
Overtime: £6000 per annum

Brothers Salary: £19200 per annum
Mum: £0 per annum

Property is worth £230,000 and we're looking to borrow £130 - £150,000. I've attached a rough summary below:

Defaults: 2 in the last 2 years, +1 in the last 12 months (all settled). AIP with barclaycard settled in Aug 2018. Amigo loan taken out 2 months ago but paid off, credit cards - kept to minimal balance. No CCJ's or Bankruptcy, payday loans over 3 years ago.

My brothers and mum have near enough no debt, fair/good credit score and no missed payments/lates/defaults etc.

Any advice would be lovely! I know I've made a right mess up of my life, i'm just trying to get everything sorted now.

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Crazy idea.

    Don't drag your family into your mess putting your mums home at risk and having them involved in a rental business that you don't have a business plan for

    Take advantage of cheap living in the mortgage free house and save for things like weddings.


    £2.15(the cost of a pint in mine) in the charity pot at your local Wetherspoons
  • ConMan
    ConMan Posts: 108 Forumite
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    I agree with #2.

    I'd also be looking at why, given your decent earnings, you're missing payments and needing to take out short term loans. You need to focus on sorting your own finances before taking a giant step like BTL.
    You'll find me sat in the corner with a pack of dry roasted and a Guinness.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    No wonder your credit rating is "abysmal" when you can't afford your current lifestyle and are looking to make it worse by borrowing to finance a party (that's what most of the cost of a wedding is) and get a BTL without knowing if it will be profitable but it certainly won't be for the first couple of years anyway.
    Get on an even keel with expenditure and pay off your loans first. And BTL isn't the instant route to riches any more, what with tax changes, new laws and extra SDLT, it's a close run thing for a lot of hassle these day an din any case has a lot of upfront costs you clearly are in no position to deal with.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    While your father may not want "anything" to do with it. He is stil on the deeds. You'll need to resolve this before doing anything else.
  • societys_child
    societys_child Posts: 7,110 Forumite
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    You're on £27k and want financial advice for the price of a pint . . ?
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    what has your financial bad decisions got to do with your family? Why would they want to fund your lifestyle?


    Too much me, myself and I in your OP




    Get free professional help, Stepchange and CAB are a start.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • poppy10_2
    poppy10_2 Posts: 6,575 Forumite
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    Matteo94 wrote: »
    However, mum isn't working because she's a house wife.

    Not any more she's not.

    With hubby gone and the kids all grown up, what's the reason she can't get a job?
    poppy10
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    poppy10 wrote: »
    Not any more she's not.

    With hubby gone and the kids all grown up, what's the reason she can't get a job?
    Yes, I was also baffled at that "explanation". Being a housewife isn't a life sentence.
  • Exodi
    Exodi Posts: 2,868 Forumite
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    edited 21 January 2019 at 11:25AM
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    Matteo94 wrote: »
    I've finally decided to get my life in order!
    Yay fantastic news!! :beer:
    Matteo94 wrote: »
    I'm looking to get a remortgage on an unencumbered property, looking to raise finance for a wedding and to get a buy to let.
    Err, you just said you wanted to get your life in order and to do that you're remortgaging a house that is already fully financed to pay for a wedding?
    Matteo94 wrote: »
    My father doesn't want anything to do with it and me and my brother are looking to get added to the deeds.
    Oh fantastic, you don't even own the house. And I'd imagine your father will just be like "yeah, I'll voluntarily give up my rights to £X00,000". Clear this up with him, even if he didn't want anything to do with the house, I doubt he's willing to forfeit ownership. He probably intended for you to live in it mortgage free.
    Matteo94 wrote: »
    My credit rating is abysmal, I mean seriously bad. The good news is that my mums and brothers is squeaky clean. I've got a high salary, my brother has a salary of £19200 per annum. However, mum isn't working because she's a house wife.
    Is this a windup? So your credit rating is 'abysmal' and your mother intends to be unemployed? You said you were getting your life in order...
    Matteo94 wrote: »
    Property is worth £230,000 and we're looking to borrow £130 - £150,000.
    SHUT THE F***ING FRONT DOOR :eek::eek::eek:!!!! HOW MUCH?!??! Is this for the wedding or just to have a jolly with?! Just rent the house out??
    Matteo94 wrote: »
    Defaults: 2 in the last 2 years, +1 in the last 12 months (all settled). AIP with barclaycard settled in Aug 2018. Amigo loan taken out 2 months ago but paid off, credit cards - kept to minimal balance. No CCJ's or Bankruptcy, payday loans over 3 years ago.
    Amigo loan taken out 2 months ago, this is absolute madness, you led me down the garden path with "I want to sort my life out".
    Matteo94 wrote: »
    I know I've made a right mess up of my life, i'm just trying to get everything sorted now.
    By using the house as a way to get a cheap loan for £150,000 to paint the town red with? Madness, madness, madness. Never heard such a crazy idea in my whole life.

    Just rent the house out if you want to make money from it. If you want to live in it, guffaw at the fact you're saving money by not paying rent.
    Know what you don't
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