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  • FIRST POST
    • dcm1105
    • By dcm1105 18th Oct 16, 2:28 PM
    • 10Posts
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    dcm1105
    Re-mortgaing and nervous!
    • #1
    • 18th Oct 16, 2:28 PM
    Re-mortgaing and nervous! 18th Oct 16 at 2:28 PM
    Hi


    I'd like to some advice on re-mortgaging as my wife and I's current 2 yr fixed deal ended with the Halifax at the end of August and we are currently on there standard variable rate.


    We have not re-mortgaged straight away as I am expecting some inheritance to come through which is due in the next few weeks and we intend to make a large one off payment (around the £30k mark) to get out LTV down to 60% and hopefully secure one of the better deals out there.


    I previously had poor credit when I was a lot younger which included defaults on my credit report which dropped off nearly 4 years ago. Subsequently, I have had the last two years mortgage with the Halifax with no issues whatsoever.


    Both me and my wife have checked out credit score and we are around the 400/450 out of 700 mark, I have a personal loan, a small overdraft and a small amount on my credit cards, my wife has a loan for her car and that is it?


    We have an appointment to see an independent advisor in a few days who I am sure will be able to help us and find us a good deal but I'm very nervous due to my experiences in the past and having never re-mortgaged before?


    Do any experts or people who have been through similar situations have any advice or do they think everything will go through fine and we won't have any issues?


    Many Thanks.
Page 1
    • ACG
    • By ACG 18th Oct 16, 2:33 PM
    • 13,495 Posts
    • 6,640 Thanks
    ACG
    • #2
    • 18th Oct 16, 2:33 PM
    • #2
    • 18th Oct 16, 2:33 PM
    If everything is as historic as you say and you arelooking for 60% LTV I see no reason why the better deals would not be anoption for you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • dcm1105
    • By dcm1105 18th Oct 16, 2:48 PM
    • 10 Posts
    • 1 Thanks
    dcm1105
    • #3
    • 18th Oct 16, 2:48 PM
    • #3
    • 18th Oct 16, 2:48 PM
    Thanks for the advice!


    And us having outstanding credit and loans won't be an issue?


    I was debating using some of my inheritance money to pay off all existing debt before we re-mortgage as I thought that would stand us in better stead?
    • ACG
    • By ACG 18th Oct 16, 3:24 PM
    • 13,495 Posts
    • 6,640 Thanks
    ACG
    • #4
    • 18th Oct 16, 3:24 PM
    • #4
    • 18th Oct 16, 3:24 PM
    Having credit is not an issue as such. It is whether it is all within the realms of being affordable and not maxing it out every month.

    If having credit was a problem I think I would be out of a job as 90% of the people I speak to wanting a mortgage have atleast one form of loan or credit card.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • dcm1105
    • By dcm1105 18th Oct 16, 3:30 PM
    • 10 Posts
    • 1 Thanks
    dcm1105
    • #5
    • 18th Oct 16, 3:30 PM
    • #5
    • 18th Oct 16, 3:30 PM
    Yes I thought that may be the case! Most people nowadays have something.


    On my credit report it says I have just over £3000 of my £8000 available in use at the moment. Then I have a £4000 loan which I pay off monthly no problem.


    Hopefully that will be fine!?
    • dcm1105
    • By dcm1105 18th Oct 16, 3:32 PM
    • 10 Posts
    • 1 Thanks
    dcm1105
    • #6
    • 18th Oct 16, 3:32 PM
    • #6
    • 18th Oct 16, 3:32 PM
    Sorry - that should read I am using just over £3000 of my available £8000 credit!!
    • ACG
    • By ACG 18th Oct 16, 3:32 PM
    • 13,495 Posts
    • 6,640 Thanks
    ACG
    • #7
    • 18th Oct 16, 3:32 PM
    • #7
    • 18th Oct 16, 3:32 PM
    I dont really have enough information to go off but it does not sound too bad.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • Thrugelmir
    • By Thrugelmir 18th Oct 16, 5:07 PM
    • 51,285 Posts
    • 43,090 Thanks
    Thrugelmir
    • #8
    • 18th Oct 16, 5:07 PM
    • #8
    • 18th Oct 16, 5:07 PM
    Use the inheritance to clear your debts first.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • getmore4less
    • By getmore4less 18th Oct 16, 5:56 PM
    • 26,278 Posts
    • 15,803 Thanks
    getmore4less
    • #9
    • 18th Oct 16, 5:56 PM
    • #9
    • 18th Oct 16, 5:56 PM
    Look at retention deals first if something suitable might be just a case of a simple switch.

    There are products with good rates that don't have repayment restrictions it may have been better to have looked and switched sooner.
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