Re-mortgaging with arrears

bocat

Hello
Can anyone offer me some advice please?
I hurriedly re-mortgaged nearly 3 years ago to buy my (not very nice) ex-boyfriend out. It is an interest only mortgage with Rooftop.
The payments started off at £700 (which I could comfortable afford) and are now £1300:eek: . I am currently in arrears (two months and then there are the late payments and fees). This mortgage rate is due to end in January.
I am with a new partner (who will be moving in with me after Christmas and therefore paying towards the mortgage). He is a first time buyer with a good credit rating.
What do you think our chances are of getting a re-mortgage with both our names on considering my bad credit. Do you think we will be offered one?
We will be seeing a broker nearer the time but just wanted to get some feedback first!
Many thanks.

hydsta

You shouldn't have any problem bringing your partber onto the mortgage. After all, from a lender's perspective it's more of a guarantee that you won't default on your payments. The fact that you have a poor credit history won't hinder your partner coming on at all but will limit your options rate wise. You're with Rooftop so i assume you are already subprime, and you will have to go subprime again which means higher interest rates.

I work at a mortgage broker, and everytime we get an impaired credit case, the advisors start whinging. I take that to mean that it's harder for them to place these customers with a lender. Either way you'll have to go see an independent broker as most impaired credit lenders only offer products through them. My guess is that you should be fine, although the fact that your arrears are so recent and still unpaid is really going to limit your options. Saying that, there's other factors to take into account so its best off you speak to a broker.

sarkin

If you want to remortgage in january, you need to make every payment from now until Jan and even then rates will be high even if you can find a lender.