i have a 20,000 interest only mortgage which expires in sept i also have a loan of 5,000 which i want to pay off but i have a poor credit

my house is worth 100,000 and i am in full employment i am 52ys old

Asked by garyevans.dj60

10 Answers

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Answered by John Stirling, IFA in Saffron Walden, ESSEX
Well the answer rather depends on what you mean by bad credit, and to a lesser extent the cause. There are lenders who will offer terms I am sure, unless you are in a very poor position as you have plenty of equity, but the flip side of that is that you don't want to be doing anything which will leave you exposed to losing that equity. but doing nothing may not be an option.

I am afraid the solution is likely to be highly personalised to your individual situation, you need to talk it through with a broker. Check a few (including us - www.acwealthmanagement.co.uk) and use the one who gives you most confidence (not necessarily says what you want to hear) that they can deliver the right solution for you.

Best of luck
| 04.27.12 @ 09:54
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
Answered by Syed Imran, IFA in Edinburgh, MIDLOTHIAN
As a general rule of thumb, you are still mortgageable but we need to define what you mean by "bad credit". I think that you should get your credit report out & send it to me- Syed Imran @ syed@financialoutlook.co. Only after looking at the credit file, I can advise you on what to do?? Your age is fine so that's not an issue. do call me on 07545321393 to discuss further. Regards | 04.27.12 @ 10:08
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by webuyhouses
One option is to sell it. You can sell it for more money to someone who cant get a mortgage. Ask for £20k upfront and let them pay you the remaining £80k (or more) by installments. They may pay more for the opportunity. You could even charge interest on the £80k. Make sure you use a solictor who can handle delayed completions though.

Contact me if you'd like some help on this.

webuyhouses@live.co.uk
| 07.15.12 @ 23:31
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by peter.008paul
I think that you should consult with any good financial adviser and you should tell him your situation. Please check your updated credit report first, then you should take any step.
payday uk | 06.05.13 @ 17:03
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by amy.03paul
This is really a critical situation, 20000 interest is really a big amount, so you need to disscuss this matter with your personal financial adviser, I think he can suggest you something effective.
same day loans
| 06.15.13 @ 13:33
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by kobemcklain
Looking towards your situation there’s a good option that you can get along with in eliminating your debt. I would surely like to suggest you to consolidate your loan as the rates are quite low and you can easily manage your funds simultaneously. The one of the important aspects of consolidation would be an increase in your credit score and you’ll no longer have a poor credit.
Payday Loan | 07.03.13 @ 10:52
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by kathy.03thomas
This is really a complicated situation for a mortgage loan borrower. Remortgaging is a good option but this will not help you because you are in debt and poor credit. I think that you should go for debt consolidation loan that may be helpful for you.
kwikquid | 07.25.13 @ 08:02
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by richard.03thomson
According to me first of all you should think about eliminating your open debt, which is really so painful for you. You should consult with any good financial adviser and take a debt elimination plan.
Cash Lady Payday Loans | 07.26.13 @ 05:46
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by robin.03thomas
You have burden of two loans which is really problematic specially when you are having debt of your previous loan. There is some special loan which helps in such situation, debt consolidation loan is really perfect for you now.
fast cash loans | 07.27.13 @ 05:03
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by kevin.03thomas
If you have poor credit history then it would be so difficult to get any big loan, but you can get any small loan still you are having bad credit score. There are many loan companies which provide 12 month cash loans for financial emergencies. You can get this kind of loan easily. | 07.30.13 @ 04:51
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$commenter.renderDisplayableName() — {comment} | 08.16.17 @ 19:33
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Answered by

John Stirling
John Stirling, IFA in Saffron Walden, ESSEX

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