Remortgage with bad credit history

bigruss

just a quick question or two??

my wife had cancer about 3 .5 years ago now and has been given the all clear at 2.5 years althought another 2.5 years untill 100% clear.

She has gone back to work full time and is on 10k per year i also work full time and am on around 25k per year.

the house was bought in 2001 for 43.5 missed a few payments but now am only £150.00 in arrears and reducing at £50.00 per month not missed apayment in over 12 months now, think i owe about 40k on the mortgage, its just been valued at £129500. on the 10th feb 2006, i have debt of around 30k and need to 80.k to repay my debt and also do some small work on the house and a secondhand car.

i am paying all my debt off at £180.00 per month not missed apayment for 6 months ..

would there be any lenders who would lend me the money on a remortage with my credit history

thanks

Russ

MortgageMamma

Yes there will be lenders who can help you but you need specialist advice. Do not go applying for stuff on the internet as it could damage your credit rating. Obviously before anyone could help you they would need full details of your situation. my advice to you is to get a copy of your equifax and experian credit reports for both you and your wife go and see a repuatable local broker for advice. The credit reports should help greatly in finding you the right deal. good luck .

bigruss

thanks will see who i can find in the yellow pages .. thought all was lost
Russ

herbiesjp

Agree with Mortgage Mamma - just remember that you would be turning unsecured debts into secured debt against your property by consolidating everthing.

Also whilst re-mortgaging now may bring down your monthly payments on everything, you could end up paying back much more in interest as the mortgage could be for a far longer term than then loans/cards etc

bigruss

i think its the only was out of the debt i am in at the mo

Russ