Remortgaging / mortgage advance

louie31

Hi all,

Just looking advice on an advance on mortgage, currently have a mortgage with nationwide for £57128.00 came to end of deal in march 2009 and havent yet changed to anyone else as rate is only 2.5%.

We are looking to take an advance on mortgage for £13000 to pay off a secured loan of £8000 and rest in credit cards etc,

Problem is my husband has had a default for nearly 6 years which should be off credit report in october 2009. Will this affect us getting extra borrowing it has never stopped us getting a mortgage in past. His credit score with experian is 948. But he gets turned down for credit cards and loans.

We fell one month behind in mortgage 3 months ago but it is now up to date.

How would this work with a secured loan against house.

Any advice would be appreciated

Thrugelmir

louie31 wrote: »

Hi all,

Just looking advice on an advance on mortgage, currently have a mortgage with nationwide for £57128.00 came to end of deal in march 2009 and havent yet changed to anyone else as rate is only 2.5%.

We are looking to take an advance on mortgage for £13000 to pay off a secured loan of £8000 and rest in credit cards etc,

Problem is my husband has had a default for nearly 6 years which should be off credit report in october 2009. Will this affect us getting extra borrowing it has never stopped us getting a mortgage in past. His credit score with experian is 948. But he gets turned down for credit cards and loans.

We fell one month behind in mortgage 3 months ago but it is now up to date.

How would this work with a secured loan against house.

Any advice would be appreciated

As you are on such a low SVR. Stick with it. Use all available cash to repay most expensive debt first.

This will enable you to improve your overall credit standing.

louie31

Thrugelmir wrote: »

As you are on such a low SVR. Stick with it. Use all available cash to repay most expensive debt first.

This will enable you to improve your overall credit standing.

thanks, but this mortgage is on an investment (inlaws home), so we are also paying rent on top of this, that is y we want to remortgage to clear debts and not struggle so much.

Thrugelmir

Your financial situation is obviously a lot more complex than you originally posted. As such is not a straight question forward about remortgaging.

Can you afford actually an investment property ?

louie31

The problem is we have this house as an investment only (inlaws home), we are also paying rent, that y we want to remortgage to get finances better rather than struggle to much

louie31

Theres nothing we can do with this house, as inlaws live there, Wish never purchased it now was good idea at time. Thats y we want to remortgage to clear other debts to make life easier. Do you think its going to be hard to get a remortgage now with that default and credit score

nw_man

louie31 wrote: »

Theres nothing we can do with this house, as inlaws live there, Wish never purchased it now was good idea at time. Thats y we want to remortgage to clear other debts to make life easier. Do you think its going to be hard to get a remortgage now with that default and credit score

Yes, quite difficult.

mdhelp

I think some good advice from Thrugelmir

Thrugelmir

louie31 wrote: »

Theres nothing we can do with this house, as inlaws live there, Wish never purchased it now was good idea at time. Thats y we want to remortgage to clear other debts to make life easier. Do you think its going to be hard to get a remortgage now with that default and credit score

Why nothing? If you end up in serious financial problems your inlaws would lose their home in any event.

Suggest you sit down and draw up a proper budget. Discuss the situation with your inlaws and find the best way forward for all parties.

Maybe in the medium term find somewhere you could all live?

louie31

You must be joking, they are old age pensioners and i would never live with them.

Thanks for your advice all the same.

louie31

louie31 wrote: »

You must be joking, they are old age pensioners and i would never live with them.

Thanks for your advice all the same.

we are only trying to make cut backs in money, we are no where near or will ever let things get that way that house would ever be repossed etc