Re Mortgage

[Eejit]

I have a mortgage for �136,000 and my house is worth �280,000. I have a really bad credit rating due to splitting up with partner and not being able to afford to pay credit cards etc. Would a high street bank still give me a mortgage if I sold up and down graded, using the equity as a deposit?? I have never missed a mortgage payment so putting down say �130,000 on a smaller house, would they be as stict with the credit checks?
Thanks.

[Oneeyedvic]

Yes they will still be strict with credit checks - that's not to say that you won't get a mortgage (plenty of companies who will lend you considering your equity), but it won't be from a high street name.

[Eejit]

ok, cheers! I think I'll stay put then.

[pezza.......]

Eejit, why not apply for a mortgage with one of the high street lenders and explain the situation to them. They may be able to provide an offer in principle which may answer your question one way or another.

Good Luck