Remortgage advice - adverse credit

Options
Hi, we are looking for advice in re-mortgaging our property, to release equity for home improvements. The current mortgage is with NRAM on their standard variable rate (4.54%). The outstanding balance is ~£165000 from an initial £200000 mortgage. The value of the property in its current condition is £230000 to £250000. A property in comparable condition sold for £240000 in April. We know that our valuation could be improved to ~ £300,000) through renovation.
To release equity, a change of mortgage provider will be required. There are a number of additional factors to consider; a below average credit score, including mortgage defaults dating back to 2012. Those arrears were cleared in full in December 2012 and since that date all payments have been made in full and on time. Additionally there is a manageable level of historic household credit card debt with interest free arrangements with numerous providers and current low interest credit card debts.
Can anyone tell us about products that would be suitable for us or other options that we have not considered? Thank you.

Comments

  • YHM
    YHM Posts: 650 Forumite
    Options
    Why don't you find a competent broker that will look at options for you.

    They will do the research and the legwork to get the mortgage agreed for you. Much better than looking at options yourself and potentially damaging your credit profile further...
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
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