can i re mortgage?

master_woody

Hi all! glad I joined this great resource

My question is, will I be able to re-mortgage, this is my situation

I’m in a lot of debt A LOT! About 4 years ago i decided to try and sort out the mess I got my self into, I owed 52K in unsecured debt (Gulp) any way I’ve reclaimed bank charges, PPI insurance ect and made repayments and now owe 29K, I’m paying £350 a month to service/repay the debt. As you can see its going to take a long time to repay the debt

All the creditor have stopped interest, so the debts not going to get any bigger, My credit score is very low (300 ish) I have multiply defaults, but a I’ve got a PRIME mortgage with Halifax from before my problems 1.5% above the base rate so 3.5% currently and on its way down.

Will the Halifax lend me 29K more???? With my credit score???? It would cost an extra £74 ih a month and I currently pay £350 and have never missed a payment in 3.5 years so it seems to make sense. I current have an outstanding mortgage of 2.8 x our joint income. My wife has no debt and a “perfect” credit score.

Squish_21

Best thing to do is ask Halifax!

_Andy_

You don't mention how much you owe on the mortgage or the property value, which would certainly be factors.
That said, with the adverse credit I would very much doubt you would get the further advance from Halifax.
Of course the only way to find out for sure would be to apply but I'm fairly sure it would be a straight decline.

luckyfool

I would agree with _Andy_, staying with Halifax and getting new deals in the future would not present a problem as long as you continue to pay your mortgage. However, they are extremely unlikely to consider advancing you further funds due to your credit history and defaults.

feisty1

luckyfool wrote: »

I would agree with _Andy_, staying with Halifax and getting new deals in the future would not present a problem as long as you continue to pay your mortgage. However, they are extremely unlikely to consider advancing you further funds due to your credit history and defaults.

luckyfool: I am afraid yr totally incorrect with this, Hailfax will not offer new deals to adverse clients regardess of them being existing customers

izzywizzy76

feisty1: Read the posts carefully!! Both Andy and Lucky Fool say they think that Halifax would decline them any more funds due to having a poor credit history.

However, they are extremely unlikely to consider advancing you further funds due to your credit history and defaults.

You are too keen to put other people down and post negative comments. People are only trying to help!!

feisty1

izzywizzy76..............i can't see why you would wish to interfere FURTHERMORE i am not "putting people down" as you suggest........considering luckyfool lists himself as a mortgage advisor he has given incorrect information.........How would you like to be told "getting new deals in the future would not present a problem" and then apply and find out this was the wrong information. I suggest if you have nothing concrete to comment on when it comes to technicalities you keep yr emotional thoughts to yrself.

~Beanie~

feisty1 wrote: »

izzywizzy76..............i can't see why you would wish to interfere FURTHERMORE i am not "putting people down" as you suggest........considering luckyfool lists himself as a mortgage advisor he has given incorrect information.........How would you like to be told "getting new deals in the future would not present a problem" and then apply and find out this was the wrong information. I suggest if you have nothing concrete to comment on when it comes to technicalities you keep yr emotional thoughts to yrself.

Well I got a new deal with the Halifax when my fixed rate ended 2 months ago, despite my adverse credit.

feisty1

i doubt it!

~Beanie~

feisty1 wrote: »

i doubt it!

I don't care whether you doubt it or not, it's a fact.

_Andy_

My understanding was Halifax won't perform a new credit search unless a further advance is being applied for.
Admittedly it's been a while but I have done that for two clients in the past who had adverse since the mortgage starting.