ridiculous situation

jayne1

Hi, Im in a silly situation, My house has been valued yesterday at 220,000 and I have a mortgage of 135,000, I have debts in total of 31,000 which if I could remortgage I could clear my debts, unfortunately I put my head in the sand and so I now dont have a good credit rating and I would have to self cert..I take it Im just dead in the water?

opinions4u

jayne1 wrote: »

Hi, Im in a silly situation, My house has been valued yesterday at 220,000

Why has it been valued and who valued it?

and I have a mortgage of 135,000, I have debts in total of 31,000 which if I could remortgage I could clear my debts, unfortunately I put my head in the sand and so I now dont have a good credit rating and I would have to self cert..I take it Im just dead in the water?

You may well have problems, but you haven't provided anywhere near enough information to get a clear answer.

1) What is your annual income?
2) What other loans etc do you have, how much do you owe, and how far in arrears are they?
3) What CCJs etc do you have, and how long ago were they.
4) Why do you think you would you have to self certify?

Start with that. It may be that some of the 'experts' who frequent these boards have more to ask though.

jayne1

I had the house valued by two local estate agents as I think selling my home will be the only way to cover my debts although I really dont want to in this market, last summer I was told my house was worth 239.000 and in fact an identical one sold for 245,000.
I dont have any ccjs and I dont have any other outstanding credit other than my mortgage and 31,000
I have gone back to university to study a masters and so my income is made up from different sources. 6k pa student loans, approx 12k pa from renting rooms (building society has no problem as long as its only to other students) 6k pa part time job, 7k pa private (parents) and I work all my holidays and some term time as a computor analyst ( worked as computor analyst before going to uni and has an annual salary of 44k)

opinions4u

Sorry, I think you're doomed for getting a new mortgage for anything substantial.

Brokers - can you help?

jayne1

Thanks for that. Guessed I was.

Robert_Sterling_3

jayne1 wrote: »

unfortunately I put my head in the sand and so I now dont have a good credit rating and I would have to self cert..I take it Im just dead in the water?

Refreshing to get a question like your's but which does not blame everyone else rather than yourself.
For that reason, though I can say nothing helpful, I wish you the best of luck with your financial matters and with your Master's Degree.