We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Re-mortgage Advice please...
rhr76
Posts: 5 Forumite
I'm a bit worried about our chances of re-mortgaging and so any advice would be appreciated...
My husband and I purchased a house in May 2006 for £158,000 (mortgage £131,500). Our mortgage is fixed for 3 years and interest only. My husband has not got great credit rating so we struggled a bit to get a mortgage but managed in the end to get one with Kensington Mortgages (now Mortgage Express). We have done a lot of work to the house and so I don't think we will go into negative equity in the time before we have to get a new mortgage deal (assuming things don't get really bad!). Similar houses in our area have recently gone on the market for around £180,000 (not sold though).
When we took out our mortgage our broker told us that after 3 years of having a mortgage with no missed or late payments my husbands credit rating would be much improved and we could move on to a high street lender - is this still the case or are we likley to struggle more now given the credit crunch i.e. will we still be too high a risk, despite having had a mortgage for 3 years and never missed or been late with a payment? We would ideally like to remortgage to 90% of the value of the property to enable us to pay off some other debts do some further improvements to the house.
Any thoughts on how successful we are likley to be or any problems we might stumble on would be very much appreciated!
Thanks
My husband and I purchased a house in May 2006 for £158,000 (mortgage £131,500). Our mortgage is fixed for 3 years and interest only. My husband has not got great credit rating so we struggled a bit to get a mortgage but managed in the end to get one with Kensington Mortgages (now Mortgage Express). We have done a lot of work to the house and so I don't think we will go into negative equity in the time before we have to get a new mortgage deal (assuming things don't get really bad!). Similar houses in our area have recently gone on the market for around £180,000 (not sold though).
When we took out our mortgage our broker told us that after 3 years of having a mortgage with no missed or late payments my husbands credit rating would be much improved and we could move on to a high street lender - is this still the case or are we likley to struggle more now given the credit crunch i.e. will we still be too high a risk, despite having had a mortgage for 3 years and never missed or been late with a payment? We would ideally like to remortgage to 90% of the value of the property to enable us to pay off some other debts do some further improvements to the house.
Any thoughts on how successful we are likley to be or any problems we might stumble on would be very much appreciated!
Thanks
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards