New mortgage rate with poor credit

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regret70
regret70 Posts: 216 Forumite
in Mortgages & endowments
Hi

I’m hoping you can advise me,
Me and my husband have a mortgage which we have been paying for 11 years now, but we aren’t on a fixed rate as I’ve been too scared to look into it because we have poor credit scores. We are doing everything we can to improve our scores and hope to be able to move in the next 5 years. I just wondered if it is worth seeing about a new fixed rate in the meanwhile or will the credit check us for this?

Thanks
LBM- may2010:A

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  • Mortgage_Adviser
    Mortgage_Adviser Posts: 374 Forumite
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    Who is your current lender? Do they have deals for existing customers? As they would not be checking your credit history as you are already with them.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
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    regret70 wrote: »
    Hi
    I’ve been too scared to look into it because we have poor credit scores. We are doing everything we can to improve our scores

    Don't look at your scores. Look at your files.

    What are the major issues on them?
  • Halld1
    Halld1 Posts: 4 Newbie
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    If you are with an high street lender I would get in contact with them and see what offers they have. Normally they will base their decisions on your account history with them and not your credit history. If your existing (high street) lender will not offer you a better rate I would probably sit tight until your credit file improves as finding a lender that accepts poor credit ratings will normally be result in your rates and fees being much higher.

    That said I hear some lenders are being more understanding about poor credit applicants but I personally have no experience of this.

    Hope that helps in some and good luck!
  • regret70
    regret70 Posts: 216 Forumite
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    Thankyou, we are with Yorkshire bank. I called them this afternoon and they went through offers for new fixed rates, managed To reduce the mortgage by £90 a month and no credit check 😁
    I’m in a dmp at the moment due to clear it next year. Hopefully we can give it a few years and see if they will accept us for moving house and a bigger mortgage, my defaults have already fallen off the credit Report and it doesn’t look too bad I just have a low score and need to build it up again.
    Thanks for your advice x
    LBM- may2010:A
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