Raising a mortgage with "unencumbered" property but debts

[MissMarplesBloomers]

Just that really. Have debts left over from a protracted divorce & had to use cc's to live on while sorting finances.

Debts remain as I have had a protracted period of ill health that meant I struggled to work minimum hours but an now managing 30-40 hrs a week.

My question is this- are there lenders who will let you mortgage with a crap credit rating but assets greater than the debts ? After struggling for years I just want to consolidate my debts & get the majority paid off asap even if it leaves me with a small mortgage.
Assets are 2 small flats one I live in,one I rent for added income. This is effectively my pension.

You should probably find a mortgage broker as they tend to know all the various products available. If you have no mortgage but a bad credit rating it could be a problem. Even if you have massive assets but not a high provable income it is hard to borrow unless you are getting on a bit and cvan use equity release which I would avoid if I were you.

It sounds like getting these credit card etc debts paid off at once and instead having a cheaper debt (mortgage) is a good idea if you can find someone who will get over the poor credit rating. If you work full time and have a rental income your income probably is enough to cover the loan - say borrowing 3x salary or much less. So in that case your only issue (unless age is an issue before you are too old for normal 25 year mortgages) is the bad credit rating.

I would contact a good mortgage broker as they may know which mortgage providers look at which elements of your credit record. Also order a credit check on yourself from experian.

Thanks Xenia- I know I have a bad credit score but will ask a broker for detailed advice.

Hate to get a mortgage at this stage but it was just me trying to consolidate my debts so I could just about clear it by the time I retire (late 50's now -will have to work till 70 at this rate.)

Majorly pissed off as I've always managed finances & short term debt well, but post divorce I struggled to cover costs with 2 kids & moving jobs etc. & had to rely on credit, until settlement. Hey-ho I'll get sorted might just take a bit longer than expected!