I would like to let my property and buy another

[dakine]

Hi, I would like to let my property and buy another with my partner. I entered into an iva August 2005 and settled it April 2007. I understand the defaults show on my credit file for 6yrs so will be wiped out off August this year.
My disposable income will easily cover both both mortgages. The property I would like to let valued at £130 has £50k equity which I would like to release somewhat for the deposit on the new property. New property price £160k.
My bank has said no, but come back in August as my adverse records will be removed.
Are there mortgage companies that will deal with me now? In august I will be a model candidate but the ideal property has cropped up now.
Regards
A

[kallis3]

Hi and welcome,

You may find it hard at the moment, but you could try a whole of market broker who may possible be able to help you.

[dakine]

Thanks for the answer although a little vague as one broker may not be as good as another.
Has anybody had experience of particular companies?
Thanks

[kallis3]

I don't think any of us have as there isn't much chance of us being able to remortgage at the moment.

[Broke of London]

Hi there - you could phone around and ask a few brokers if they are specialists in working with clients with impaired credit histories.

Some posters are being told by banks to wait six years from completion before applying. If you do find a mortgage, they will be wary of you and want up to 45% deposit and a high APR. So I wouldn't count on being a model candidate.

[dakine]

Well thats bad for them, already been assured I can have a mortgage at 3.5% if I sold my house. But I don't want to do that.

Nothing ventured nothing gained.

[Broke of London]

Sounds like you already know a pretty good broker - can't they do anything for you just now? I haven't heard anyone on here getting mortgages at such a low rate.

[kallis3]

I'd be quite happy to get a mortgage at that rate.