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poor credit score & remortgage needed
carlrac
Posts: 13 Forumite
I am currently paying off a 30 grand debt via a dmp with the CCCS.Recently my fixed rate on my C & G mortgage ended.They agreed to refix it at 5.54% but would not lend the extra 30 grand on top to consoladate the other debts into the mortgage,due most likely to a credit score of 485 being afforded to me.I have never missed a mortgage or utility payment.I know I should talk to an adviser but I just wondered if anyone could point out the better lenders if any for this sort of situation as I am afraid of basically being ripped off due to my total naivety on this subject.
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Comments
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If you are on a DMP then you were lucky to get that rate from C&G. If you went to the open market you would end up on sub prime rates, which start around 7% if you are lucky, and typically run around 8 to 8.5%.
Is any of your 30k secured against your property? If it is you would have problems getting a remortgage at all without clearing all the secured lending with a huge expensive new mortgage.
Whether or not you should add that 30k to your mortgage is debatable anyway. Generally this sort of consolidation does not work in the long term, is very expensive and secures a lot of unsecured debt unnescesarily. I don't know enough of your financial background to say consolidation might help you, but I suspect not.
Overall the C&G deal is pretty good in your circumstances, and the longer you fixed for the better.
Regards
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