Re-Mortgage - Bad credit history

grayclose31

Sorry for the delay in getting back.

I have arranged a call from the woolwich later today.

I amalready out of any mortgage deal and have been of over 12 month - I am paying their standard rate.

I am looking to re-mortgage to release some of the equity in my property to clear up debts that are being handeled by PAYPLAN ans a second charge.

If i can do this all the OS debt goes on the mortgage and i will be able to clean up my credit history.

Hope this help the discusion a little.

P.S. my advisor told me that Woolwich or any high street lender would not touch me because of the history.

PPS - even with the increased amout it would amount to 70% of the property value and i would be able to afford to pay it.

Thanks

grayclose31

One other thing is that all my other debt arrangements have been paid on time for over 12 months.

herbiesjp

grayclose31 wrote: »

Sorry for the delay in getting back.

I have arranged a call from the woolwich later today.


Thanks

Well done.

Keep us posted

grayclose31

Am terrified over the phone call. This was always handled by my partner until we ended up in trouble a couple of years ago.

I will do my best though,.

herbiesjp

grayclose31 wrote: »

Am terrified over the phone call. This was always handled by my partner until we ended up in trouble a couple of years ago.

I will do my best though,.

There is no need to worry

Just be calm, and very clear to them about what you want to do.

All the best, and if they ask anything you dont know then just post back here

Conrad

Gray

Please think this through. Adding unsecured debts to a mortgage with a sub prime lender such as Platform is really the last thing you should be doing.

There are organisations writing off peoples unsecured debts right now plus other options.

If you go down the Platform route I have a feeling it could be your biggest mistake.

Other sub prime lenders if you REALLY want to raise capital are;

MBS
Beacon (6.6% tracker - may go down as rates fell yesterday)
MAR


If I were you though I'd stick with the Woolwich - so much safer and probably cheaper long term

Conrad

BTW, I cant see Woolwich lending you more given youre history as later down the line the Ombudsman / Lawyers could argue they acted irresponsibly ("M'laud, the Bank offered more money to a client that had already shown she had struggled to meet payments").

Now you might say an increased mortgage will reduce your overall outgoings, but if you take a look at some other posts around here you will find those now trying to sue lenders for exactly this reason - they were the lenders best freind when the money was loaned, but down the road they smell compensation and will say anything to win thier case, convieniently forgetting how thankful they were when the loan was agreed

grayclose31

I will keep you all posted on the results of today.

Thanks

feisty1

[quote=herbiesjp;18502753]Fesity - Confused But let's wait for the OP to come back[/quote]


Debt arrangement etc, & yr confused over why i said this was selective information!! As I have stated from the beginning, woolwich will not offer new deals to borrowers with arrears on accounts (looks like some of you advisers are not aware of woolwich criteria)..........However Conrad appears well informed...........

herbiesjp

Fesity - if you read the thread, you will see that I advise the OP to go to Woolwich before knowing about the debt arrangements as these are posted later.

So yes selective information from the OP

The first port of call with ANY new deal/re-mortgage will ALWAYS be your current lender.

Especially in times of financial trouble, a client is always best advised to go and discuss their problems with their existing lender and see what arrangements can be made if any - that is the first step

If you advise your clients to do differently then so be it.

I am not so arrogant to profess to know the ins and outs of every lenders criteria as I do not - especially in the current climate were things are chinging daily!

I am not sure why you have taken objection to my posts, but that is life