Hi all,
I'll give you a quick background before I pose my question, I completed a lump sum IVA in December 2015, started to rebuild my credit history and have a Vanquis card with £2000 limit, not that I need that much but comes in handy. I've recently been sent a letter from the management company that looks after the lease for the block of flats where I own a property and they are wanting to fix the roof with the cost being passed on to the owners, this could easily be £6,000 or more for my portion. As my IVA will still be on my credit file I'm wondering what my options would be to get the funding for this as the management company are keen to get started as there are leaks in certain areas of the block.
I've started to look in to getting additional funding through my mortgage company Halifax, but I imagine adding more on to my existing mortgage will be turned down when they begin credit checks, would there be much point in pursuing this? I was advised that this could be the best way to get funds from the management company pursuing the works as they said the mortgage company would have a vested interest in keeping the property well maintained. Would adding a second mortgage be easier as it's secured debt so maybe more chance of being accepted in spite of my poor credit rating because if I don't pay they can take my flat. Would I still be able to get one via the same mortgage company or would I only be able to get one with a specialist lender? I would probably need to borrow £8,000-10,000 to cover myself against any extra costs. I don't fancy going down the payday loan company way with sky high interest as the amount I'll pay back will be crazy, plus I'm planning to sell my property soon so don't want my credit file messing up too much as I want to get back on the housing ladder as soon as I can
I wouldn't likely get any unsecured credit, credits cards, loans etc would be turned down straight away. Can anyone else think of a way to fund this? I don't think I could borrow that amount from any of my relatives. Shame this has all come out of the blue as I was doing so well to recover from my IVA now I need to borrow more.
Thanks in advance.
Mark.