Remortgage Worry

Jade34

Hi, I wonder if someone could advise me on a forthcoming remortgage? I'll be coming out of a sub-prime mortgage in November and wondered what my chances will be of getting a 'High St' mortgage. I'm totally confused by the current situation and don't know what sort of arrangement to look for, or indeed, what will be available to me. My current mortgage balance is £56,600 and I have a secured loan of £12k so I would be hoping to clear that loan as well. My house is worth around £100k. I'd be grateful for any advice or if you need any more info I'll be happy to provide. Thanks.

happybroker

this will all depend on what sort of adverse you have registered.

if you could let me know what ccj's, defaults' arrears etc etc you have and how old they are I can let you know where you stand

herbiesjp

Do you have an up to date copy of your credit files?

What is your income?
Do you have any other debts in the background?

weimaranermerlin

Hi there,

I’m sorry if it looks as if I am trying to hijack this thread but I’m pretty much in the same boat as the OP. I’m coming to the end of my mortgage deal with the RBOS in December this year and I’m absolutely terrified as to what awaits us. At the moment we are on a discounted rate.
Our mortgage is £148 k which is split 50/50 between repayment and interest only. The house is worth about 300k and we have a loan with egg plus 23 credit cards with a low lifetime rate to pay off. We have never had any ccj's, defaults' arrears etc and our joint income is about 60k a year before tax.

Where do I go from here? Any advise welcome!

herbiesjp

weimaranermerlin wrote: »

Hi there,

I’m sorry if it looks as if I am trying to hijack this thread but I’m pretty much in the same boat as the OP. I’m coming to the end of my mortgage deal with the RBOS in December this year and I’m absolutely terrified as to what awaits us. At the moment we are on a discounted rate.
Our mortgage is £148 k which is split 50/50 between repayment and interest only. The house is worth about 300k and we have a loan with egg plus 23 credit cards with a low lifetime rate to pay off. We have never had any ccj's, defaults' arrears etc and our joint income is about 60k a year before tax.

Where do I go from here? Any advise welcome!

I think you should re-post under your own thread in order not to mix up the help for the OP

weimaranermerlin

Sorry about that.. Will do!

Thanks.

Jade34

Thanks for the prompt responses.

happybroker - I have no other debts. I've been 3 years out of a trust deed (IVA-type arrangement). My main fear is that having had this, it's going to follow me around for the rest of my life - once a risk always a risk???

herbiesjp - I don't know what my credit file is like - I'm scared to look and wouldn't know where to start sorting it out but it's maybe something I'm going to have to do. It won't be pretty!! My income is £17,211 per annum and again, I have no other debts.

herbiesjp

You need to look at either the websites for:
Equifax
Experian

These are the main two credit reference agencies

You can get these free as well (just do a google and you will find them), just remember to cancel before the free period expires.

Getting your copy is a must in your scenario. You would need to discuss this with an adviser, in the hope that the details on there will allow them to get you a mortgage on the high street, or as near as possible.

Being 3 years old (the Trust Deed), will mean that you could start to fall inside the criteria of some of the more flexible lenders.

Borrowing under 70% as you intend to do, also helps your scenario, and your income seems ok.

Jade34

Thanks very much herbiesjp, your advice has really put my mind at rest as it sounds like it's not going to be the nightmare I thought it was. I will definitely get a copy of my credit file and take things from there. I'll let you know how I get on.