Remortgage with CCJ - on CCCS debt plan

bendeneo

Hi all,

need some advice reasonably urgently please!

I am currently with Northern Rock, and as of January I will be shunted onto their 7.49% SVR...... which would jump my payments from £900 to £1200

In the last 3 years a lot has happened and I am now in the process of getting a CCJ from HSBC although I am currently on a CCCS debt management plan.
In the last 3 years i have a few late payments to the mortgage and a couple of missed ones that were repayed in full but a few weeks after.

Essentially what I am saying is that I am sure I have a bad credit rating....

What do people out there recommend?

Are there any 'adverse / bad credit / subprime' remortgages out there that will give me better than 7.49% or am I stuck with Northern Rock hoping for the Bank of England rate to go down a bit more and stay there!!!!!!!

Any help much appreciated!

Regards,

herbiesjp

You dont say what the property value is or the mortgage amount

However - I guessing that you will almost certainly be better off with NR on prime rates

bendeneo

Hi there,

The house is worth around 225k, my current mortage is 168k and we put in about £36k equity when getting the mortgage.

Blimey, I had hoped that there was a way of improving on 7.49%

ad9898_3

No, I think you may be at the mercy of NR for 6 years, that CCJ will almost certainly mean you will not be able to re-mortgage until thats removed from your file. Somebody on these boards had their mortgage offer removed on the day of completion due to accidently going overdrawn by £30 the week before.

The banks are being very prudent now, pity they hadn't always been that way:rolleyes:

Toughluck

Unfortunately the lenders offering rates based upon your criteria would probaly be in the realms over 8% +. As herbies said, you are much much much better off staying with N Rock. And by the sounds of it if this CCJ foes ahead you will be with them for a while unless you want ot go onto sub prime lending.

bendeneo

!!!!!!ation,

I didnt think that would be the case, what a pity.

How does the 7.49% stack up against other lenders SVR? Obviously its irrelevant now but just interested to know.

Am I just really unlucky that the NR went belly up?

Toughluck

Rock did decide to be greedy and go into the US Sub Prime sector so yes it is definately not your fault. Based upon BBBR + loading it is quite high. Against other lenders who base it on the LIBOR rate + loading you are probably doing OK. I speak to people daily who are on varibale rates over 10% and cannot re-mortgage!!1

Wutang_2

bendeneo wrote: »

!!!!!!ation,

I didnt think that would be the case, what a pity.

How does the 7.49% stack up against other lenders SVR? Obviously its irrelevant now but just interested to know.

Am I just really unlucky that the NR went belly up?

it is not NR's fault that you had a CCJ and you entered into a debt management plan

bendeneo

Nice,

Wutang - very constructive, good post