Jump to content

Financial Advisor/Morgage Broker Advice Required

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4976 days.

If you need to add something to this thread then


Please click the "Report " link


at the bottom of one of the posts.


If you want to post a new story then


Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 



Recommended Posts

Hi there, this is my first post on here so thanks in advance to anyone who helps me out, it really will be appreciated.


OK, I won't give loads of bull here is where I am at:


I built up loads of debts about three years ago due to a gambling addiction but now I have got myself back on track I would like to try and refinance all my debts but not sure if I can due to my credit rating being shot to bits.


Here is my situation:



I am married with two young children.

My wife works 3 days a week (7 years) and also works part time (9 months)

I work full time (8 months)



Morgage £84500 (£694 per month)

*We have a suspended possesion order which has now been paid as agreed on time for 8 months and balance will be paid off in 4 months.


Secure Loan £13500 (£195 per month)

*Last two months missed payments/arrears but will be paid in two weeks.


Charge On Property £6000 (£55 per month)

*Recently agreed to pay £55 a month and have done so for two months now.


CCJ on a Credit Card £3000 (£98 per month)

*Agreed to pay £98 a month and have done so for 8 months


Other Credit Cards/Closed Bank Account Debts £9000 (£152 per month)

*Have payment plans/agreements on 4 different debts which I pay monthly



Wife Wage 1: £18000 per annum

Wife Wage 2: £6000 per annum

My Wage: £13000 per annum

Total = £37000 per annum (about £2350 per month after tax)


Further Details:

As you can see we now have quite a good joint income and if possible we would love to put all the debts into the one joint morgage but the problem we have is that our credit is shot to bits, I should point out that the morgage and secured loan are in both names, the 'Charge on Property' is in the wifes name and all the other debts are in my name only.


What I want to know is there anything we can do to borrow enough money to combine the debts into the one account even with our terrible credit score.


Many thanks for your help!

Edited by David Little Money
Link to post
Share on other sites

Hi and welcome to CAG,


The key factor is going to be the value of your property as this is what any lender will consider when you make a request to secure funds on it (take out a mortgage)


As for mortgage advice I would suggest you seek the advice of a local INDEPENDENT mortgage adviser and ensure it is one that will not charge you a fee and instead takes his commission from the mortgage company.


Perhaps not the quick answer you wanted I'm afraid.

Link to post
Share on other sites

Ah sorry, the value of the property is £120,000 - £125,000.


Any help on where to search local brokers?


*I should also point out the unsecured credit card debts of £9000 do not have to be part of the remorgage as I am happy with the agreements I have as I do not accumulate any interest on them and so I am happy to pay them.


Thanks in advance!

Link to post
Share on other sites

A quick summary is:


Income = £37,000 per annum

House Value = £120,000 to £125,000

Current Debt = £107,000 or £116,000 inc unsecured cards

Current Monthly Payments = £1,194 or £1,040 not inc unsecured cards

Credit Rating = Screwed, lol

Link to post
Share on other sites

Sounds a bit obvious I'm afraid but a search on Yell.com or similar for mortgage advisers should bring up some results.


From experience advisers will not give advice out until they have assesed fully your situation, I believe a lot of mortgage advisers are quite slow at the moment so I'm sure your call will be welcomed.


Best of luck

Link to post
Share on other sites


  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?

  • Create New...