last chance morgage !!

patrico

Hi , we are on the brink of upsetting our creditors in a bad way !!
we owe £28000 and are about to pull the plug and take recommended action with the cccs.
what are the chances of getting a morgage deal once we have started proceedings..
we are not in a mess with our morgage company but have not managed to get a better deal after our deal finished..
any ideas wher to turn please !!!:eek:

_Andy_

Impossible to say for sure given the minimal information you've stated.

Assuming you're with a high street lender then the chances of you finding something competitive elsewhere with the adverse credit is slim.

You would be best off speaking to a good whole of market broker.

luckyfool

Are you up to date with your creditors just now? Are you tied in on your mortgage? What loan to value (i.e. loan amount vs. conservative valuation on your house)? Who is your mortgage lender?

Depending on your lender you might be able to do a product switch with them, typically your credit score will not be a factor in that scenario as long as you do not borrow further funds.

As soon as you renegotiate your payments downwards through CCCS you are typically going to default on your credit agreement normally over a number of months. Some credit cards will register a default against you immediately, others will show you gradually falling behind on the contractually agreed payments until they register a default around 6-12 months into the arrangement. As long as you keep to the arrangement they would normally not take any further action (i.e. court), and hopefully would freeze the interest for you.

If you are out of penalty, and with a lender that does not offer product switches (or not competitive ones), then it is worth exploring the option of doing a quick remortgage now (possibly onto a 5 yr fixed or longer to get some security). Speak to a good whole of market broker,

Luckyfool