Hi

Not sure exactly where to pu this as I am new to this site, I will like some help with a cash flow problem I am experiencing

I got into property without fully understanding what I was getting into. I have two houses

1. 2 bed in Luton.
   1. was rented but now I am trying to relet as the previous tenants have moved out I have had to refurbish it. It has been empty for 2 going 3 months
   2. Thought it was valued at about 170-180K but recent valuation but it at £150K
   3. mortgage on it is 123K and I have secured loans on it of £29K, some of which I used to purchase the other property
2. 3-4 bed in Baldock herts
   1. I live in this one
   2. thought it was valued at 220-250K but recent valuation put it £190K
   3. mortgage on it is about 114K

Problems

v     Don't have a great credit score since I went into an arrangement with Barclaycard over my credit card.

v     My job has seriously down sized so a have a massive loss in income, so I am on the verge of looking for another job

v     Finding it difficult to get a re-mortgage on the Baldock property because of the so called credit crunch and the tightening of the criteria. I was about to get one from Halifax but they sent to my job for confirmation of my wages, which isn't great.

v     The TMB – said that I could draw down up to 50K from Baldock property – but when I called up they said my present available credit limit was just £2800, I need to apply to be able to raise it above that. I don't fully understand that. They guy said they recently changed the way the do things.

v     I am still to pay BM for the Luton property for this month. Hopefully I will be able to clear it up before the month finishes.

Any suggestions as what I can do?

Hopes

I was hoping to be able to refinance the Baldock property and purchase several more properties. However, I think the recent credit crunch is not making it easy at all.

Any suggestions or  do you  know someone who can help?

thanks

Hilton