Right, now due to unforseen circumstances, I have a poor credit rating. Quite a lot of my finances went into default. Although I am paying them back, I’m paying them back at a vastly reduced rate.

 

Now I don’t really have any assets, so cannot use them to offset the amount.

 

I desperately want to buy my first house. Is there any way at all possible, I can add that amount to the mortgage total as a lump sum payment? It’s the only way I can see out of this.

 

ALSO, there are companies to very long term mortgages, much more than 25 years. I’m quite happy to have a 100 year mortage to gain some equity and thus starting me off. I know schemes like this are available in continental Europe, but due to lack of knowledge, I have no idea what’s on offer here.

 

I do have some funds that I can put towards a deposit though however.

 

Any financial gurus with any info, I’d be grateful with info.

 

Cheers

 

Si

Right, now due to unforseen circumstances, I have a poor credit rating. Quite a lot of my finances went into default. Although I am paying them back, I’m paying them back at a vastly reduced rate.

 

I desperately want to buy my first house. Is there any way at all possible, I can add that amount to the mortgage total as a lump sum payment? It’s the only way I can see out of this.

 

I do have some funds that I can put towards a deposit though however.

Si

 

Hi Si,

 

I'm a financial adviser and mortgage broker.

There are plenty of mortgages available for people with bad credit records (arrears, defaults, CCJs and bankruptcies).

You will however, need a deposit of at least 5% if you have bad credit. You could add your debts to the mortgage as long you are not trying to borrow more than 95% of the purchase value.

 

I hope this helps but if you need more information drop me a PM with your phone number and I'll give you a call back.

Mike...

Hi Si,

 

I'm a financial adviser and mortgage broker.

There are plenty of mortgages available for people with bad credit records (arrears, defaults, CCJs and bankruptcies).

You will however, need a deposit of at least 5% if you have bad credit. You could add your debts to the mortgage as long you are not trying to borrow more than 95% of the purchase value.

 

I hope this helps but if you need more information drop me a PM with your phone number and I'll give you a call back.

Mike...

 

Bloody hell - same deposit requirements as i needed for first time buyer! Good luck with it mate - I got a mortgage longer than 25 years, hoping that as I build up equity I can reduce the term...

 

Rich

Thanks mate, much appreciated. I'm sure I can get a deposit together of sorts. Do these 100year mortgages exist then?

 

Not trying to borrow that much, just £20k ontop of a Mortgage.

another option si is to get a further advance on your mortgage, u pay same interest rate as your mortgage and it's secured on the house,the only ptrob with special mortgages is u pay a high rate of interest

another option si is to get a further advance on your mortgage, u pay same interest rate as your mortgage and it's secured on the house,the only ptrob with special mortgages is u pay a high rate of interest

 

I am financially illiterate I'm afraid and not too sure what that means Kev. Sorry.

Find a good local mortgage arranger/advisor, they should not charge you (the one I used didnt) as they get commission from the banks with arranging the mortgage.

And dont think they will just go to the best one for them. They have to by law give you in writing, the options and then the reason why they have recommeneded one in particular.

 

Our mortgage advisor also said when the 3 years we have to stay with the bank is up, give him a ring and he will look around for another better deal.

I am financially illiterate I'm afraid and not too sure what that means Kev. Sorry.

basically a further advance is like a loan but cheaper cause u can run it over the term of the mortgage for example you could pay back your extra cash over 25 yrs rather than the usual 8

another option si is to get a further advance on your mortgage, u pay same interest rate as your mortgage and it's secured on the house,the only ptrob with special mortgages is u pay a high rate of interest

 

Si, unfortunately, you cannot get a further advance because you do not yet have a mortgage.

 

Find a good local mortgage arranger/advisor, they should not charge you (the one I used didnt) as they get commission from the banks with arranging the mortgage.

And dont think they will just go to the best one for them. They have to by law give you in writing, the options and then the reason why they have recommeneded one in particular.

 

Our mortgage advisor also said when the 3 years we have to stay with the bank is up, give him a ring and he will look around for another better deal.

 

Exactly what I do for a living, all above board and regulated by the Financial Services Authority.

You can get mortgages that run for more than 25 years but that is not neccesarily the solution to your problem.

 

let's use an example:

You want to buy a house worth £100,000

you have £15,000 deposit,

you have debts of £10,000.

 

In this situation, You could add your debts to the new mortgage, so you would owe £95,000 on a £100,000 house. This would have a 95% loan to value ratio.

If you have a bad credit record you will have trouble exceeding this 95% loan to value ratio.

 

Anyone can get a copy of their own credit record from http://www.experian.co.uk for £2.

Hmmmmmm, not sure I could raise £15k. :(

 

My debts are more than that.

Hmmmmmm, not sure I could raise £15k. :(

 

My debts are more than that.

as getgreddy said on the boost controller group buy thread,"you only need 1 kidney" :rofl: :rofl: :rofl:

I think your best looking for a rich Misses. IMHO or a Sugar Mummy. LOL