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Changing mortgage company when in debt?

Hi guys

I have approx £25k-£30k of debt, am just getting my LBM

My hubby knows absolutely nothing about this - he opened one of my statements about 4 years ago by accident and paid off my card for me - since then, I have acquired so much more debt :o

We're looking to switch our mortgage as at the time, we just took out the first one that offered us the mortgage :rolleyes:

What I want to know is, can we get a mortgage when I've got serious arrears and default notices against me?

Hubbys best friend is a mortgage advisor and keeps saying about going to him and he'll work out a better mortgage. I keep putting hubby off because I don't want his mate knowing and telling hubby.

Will any other bank take us on when I've got defaults against me?

FYI - mortgage at present is £168k, house is worth £250k - we would be looking at a mortgage of around £190k to do some repairs / decorating.

Sorry if this should be on mortgage forum, but I felt is was more a DBW suject.

JK

Comments

  • Snaggles
    Snaggles Posts: 19,503 Forumite
    You will find someone that will give you a mortgage with defaults etc, but it's likely to be a sub-prime lender, who will charge you a higher rate unfortunately (so chances are it wouldn't be a better deal than you are on now). I'm not sure there's any way round it without hubby/his mate finding out. The only thing I can think of is to approach your existing mortgage provider, to see if they can offer you a better deal, as they will have seen that you are making your mortgage repayments on time with no problems. Even then, they may do a full judgemental assessment though, and could still turn you down (not necessarily though, as they wouldn't be lending any extra money, just transferring you onto a different rate).
    "I wasn't wrong, I just wasn't right enough."
    :smileyhea
    9780007258925
  • Hi

    Well done for bringing this up. If you are applying for a new mortgage with a differant lender, they will do a credit check on you and all of your defaults will come up and you may be refused, hubby, will then know about it. We changed our terms with our lender about 6 months ago, before I built up the courage to tell my wife, I didnt have any CCJS or anything though. So I am unsure if they did another check as the extra amount we were paying a month was only about £30.

    It is hard but this debt will wear you down, I told my OH and although it was bloody hard, it was the best thing I ever did, as after all the tears etc, we sat down and worked out a plan. Im not saying it is the same for everyone but ' for better for worse' comes to mind.

    Good luck if you do decide to tell him
    22/07/07 Debt - Tesco 17644 (6.1%) - Now 10500
    hsbc - 2000 - now 0 (12.9%) :T
    Halifax - 3500 now o(0%) :T
    Barclays - 1500 - now 0 (5.5%) :T
    ==================================
    Cleared 6th July 2010
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