Remortgage Advice- Please

masonfield6

Hi, this is only my second post so please go easy on me. We have a mortgage with northern rock which is due to go on the svr from next month(no big deal providing that ir's dont rise significantly). House is worth between 200-210k- mortgage is for 140k. we want to see if we can get a better deal or at least fixed to give us some security. Now comes the big issue, in the last year or so we have had some late payments to some credit card companies( no ccj's or anything but im sure that they will of been recorded). we have a secured loan for 30k with first plus, various loans/ credit cards which total 25k( crazy but true). we have never missed a payment on any of our mortgages. im pretty sure the income multiple will be an issue as well as i earn 24k plus bonuses and my wife earns 6k. my wife was earning approx 10k when we took the mortgage out and northern rock were very flexible because of the deposit. we do get monet from tax credits/dla/carers allowance for my daughter etc but none of which can be relied upon. we are planning in the near future to see a financial advisor but i would be very grateful of any advice i can get as to whether we are wasting our time and better of sticking on the svr with northern rock. many thanks for any advice in advance.

opinions4u

Looking to raise £170k (including secured loan) with £30k in joint income and all those outgoings?

It's a big ask to find a lender that will do it, and that's before taking in to account the tarnished credit history. How did you decide the value of your property is around the £200k mark?

I'm sure you don't need a lecture about the amount of unsecured debt that you have built up.

But you really do need to take an axe to your spending, cut up all the cards and change your shopping habits. I'm actually amazed that you are able to meet the main commitments.

By all means see a Mortgage Adviser, but don't be surprised if they tell you some hard truths.

Debt Free board is where you need to head!

http://forums.moneysavingexpert.com/forumdisplay.html?s=&daysprune=&f=76