Negative equity - bad credit rating - new mortgage : LUSENET : Repossession : One Thread

Me and my partner are in the negative equity trap to the sum of #10,000. We need to buy a new property and fortunately for us my brother wishes to purchase are current property, for #31,000. Our outstanding mortgage is #41,000? Due to problems we have a bad credit rating with the two credit agencies. We need to obtain a new mortgage to also include the negative equity. We have both been employed with the same firms for over 8 years.

Does anyone know of a specialist lender who maybe able to assist us in this matter? Or a lender who would allow us to have a second mortgage and for us to rent our current property out?

Anyone's assistance would be very much appreciated.

-- Wendie L. Steele (, January 11, 2000


Wendie, try the Bank of Scotland (not the RBS)


-- Roderick O'Regan (, February 10, 2000.

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