Welcome to our community
Be apart of something great, join today!
Bad Credit Mortgages?
- Thread starter earwig999
- Start date
fatspanner
Inactive User
Do you really need to move now? The best thing would be to get your credit file in order first, you'll save yourself loads by getting a better mortgage rate. Get a copy of your credit file and see what defaults are actually on there.
Yes, we do need to move fairly quickly. The wifes mum is not very good living on her own anymore. We are planning on selling both properties and buying a larger one together.
I have my credit file and know exactly where the defaults are but still need a mortgage.
As I have said before the deposit will easily cover more than 65% of the loan and the stupid thing is the mortgage would be smaller than my current one??
Penners
Inactive User
Have you spoke to your current provider? I have several mortgages and have previously moved mortgages from one property to another. This way it would still be your existing mortgage contract no credit checks etc...
Yes tried them first, looked into 'porting' our current mortgage, which we could do but they have to put you through a new application, hence another credit check.
Penners
Inactive User
Yes tried them first, looked into 'porting' our current mortgage, which we could do but they have to put you through a new application, hence another credit check.
Sorry to hear that mate, are you sure you can't speak to them? Porting your mortgage sounds like the best option. You've also got more chance of them accepting due to history of payments etc...
I would give them another call hopefully you may get through to someone helpful , please don't get a subprime mortgage with your amount of equity they are taking the piss.
90% of mortgages taken out in the last 15 years are portable.
Good luck m8
I have spoken to them twice now and both said that if I fail on the credit score
there is nothing they can do to refer it to an underwriter.
Thing is I would be making my current mortgage with them smaller, I would also be adding more equity to the loan to value stake, therefore reducing the banks risk?
Unfortunately it is incredibly difficult in the current climate to borrow anything.
I have a broker doing some searching for me so hopefully tomorrow I might have some better news. Unless anyone on here fancies lending me £50k! lol
I will only need the subprime mortgage for 3 years, until the defaults drop off and then I can switch to a 'normal' mortgage.
Last edited:
Penners
Inactive User
If your broker doesn't come up trumps pm me and I will speak to my advisor and get him to call you if you like ? I've done quite a lot of business with him and trust him to get me the best deals he can skip through most hurdles also has direct links to hbos/lloyds.
I'd be extremely surprised if he couldn't obtain a mortgage for you.
