Negative equity - bad credit rating - new mortgagegreenspun.com : 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 (firstname.lastname@example.org), January 11, 2000
Wendie, try the Bank of Scotland (not the RBS)
-- Roderick O'Regan (email@example.com), February 10, 2000.