Mortgage With Poor Credit & Big Debt

[chmod]

I am currently paying off another family members loan at the rate of £1000 per week. Due to this my personal credit has been affected and I have few missed payments here and there which has affected my credit file including a Decree.

The bank that I am paying the loan to has suggested I buy the family members house and rerefinance the rest of the loan with them. The loan currently stands at just over 400k which I have reduced from £450k

I have been told I can buy the house for £170k (value last week £250k) but anyone local i have spoken to says the chances of a mortgage is slim due to the missed payments. Does anyone here know of any specialised lenders who may take me on?

Thanks in advance

[audi321]

If the loan isn't in your name (you said it's a family members) why is missing a payment affecting your credit rating!

Unless there are other assets in this persons name, you've really got to consider bankrupcy here! I'm no expert, but speak to an agency who specialise in this, the amounts are too large not to.

[audi321]

chmod said:

The bank that I am paying the loan to has suggested I buy the family members house and rerefinance the rest of the loan with them. The loan currently stands at just over 400k which I have reduced from £450k

Also, don't listen to them!! They just want their money back, best to speak to an indepentant expert in debt management, google it for a local one

[SJobson]

Why are you missing your own payments to cover £1000 a week for someone else?

[ali_kat]

anonymous said:

[redacted]

Good to see you

[scotal]

anonymous said:

[redacted]

Remember if you do this they might not sell you the house.

[CatherineJ]

As Tonker say's let them go bankrupt. Whilst noble of you, the debt is not your problem and you should not be paying off someone elses mortgage at the detriment of your own payments

Also if you can buy the house for £170k and the mortgage is £400k, what is happening to the negativity equity.

Edited by CatherineJ on Monday 5th October 14:01

[sleep envy]

chmod said:

The loan currently stands at just over 400k which I have reduced from £450k

I have been told I can buy the house for £170k (value last week £250k)

that doesn't stack up

[ringram]

typical of secondary mortages done in better times to go on a few jollies and buy lots of toys.

As mentioned. stop making the payments. Moral Hazard!