Posted on 25 February 2011 by laura
I own a two bedroom flat, it has a good amount of equity. I want to sell and buy a bigger home, but have bad credit.
The starting point for any mortgage enquiry is going to be an examination of your credit file and before you talk to anybody you should get a copy of this from one of the major Credit Reference agencies: Experian, Equifax or Callcredit. The maximum cost to see your statutory report is £2 and you can view it online or get a copy by post.
Whether or not you can get a mortgage will depend on what bad credit you have, how recent it is and how much money is/was involved. It will also depend on how much you need to borrow relative to the property's value and you income.
Once you have a copy of your credit report to hand, I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date of your question, they will be able to look at your situation and advise you accordingly.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.