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    • NJstar85
    • By NJstar85 13th Oct 16, 11:53 AM
    • 1Posts
    • 0Thanks
    Re mortgage
    • #1
    • 13th Oct 16, 11:53 AM
    Re mortgage 13th Oct 16 at 11:53 AM
    Hi There,
    I currently own a property which I rent out, its worth around 200k and and the balance on my mortgage is 86,000.
    I am living and renting in another property and have got myself in a bit of a mess with money, missed payments etc and now have a bad credit.
    I am trying to avoid selling the property and want to re mortgage in order to add 25,000 onto the mortgage and pay off my debts so each month I get back on track.
    I can't seem to find a mortgage lender due to missed payments that are recent.
    A mortgage advisor advised I would be looking at a 10% interest lender.
    Please can anyone advise as Im pulling my hair out and really don't want to have to sell the property.
Page 1
    • kingstreet
    • By kingstreet 13th Oct 16, 12:00 PM
    • 33,393 Posts
    • 18,076 Thanks
    • #2
    • 13th Oct 16, 12:00 PM
    • #2
    • 13th Oct 16, 12:00 PM
    Recent adverse on a BTL remortgage when you don't own your main residence?

    Ouch. I don't see you getting anywhere near high street rates. I don't know if 10% is realistic, but can only suggest you try another broker if you aren't happy with what's been offered.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
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