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Is it possible to buy a second home with bad credit??

0 replies

northernmonkey · 06/12/2009 20:21

I've tried looking on some money sites but to me they're just double dutch!!!!

We'd like to move back to brighton and just recently we've realised that some house prices aren't so bad down there

The thing is we live in yorkshire and our house is only valued at 55k so we'd need another 110 at least

Secondly a couple of years ago we got into arears and had problems paying a loan off. We've got ourselves back on track and for the last year and a bit have been paying things fine but it will be on our records now.

I am not actually on our mortgage so i cant personally speak to the banks but i was wondering (especially through the recession) if they would even consider us

As a back up plan we could possibly ask my mum to be a guarentor (sp??)
Do you think it could be possible to do or should we forget it for now.

Just wanted advice cause its just an idea we're toying with
TIA

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