We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Remortaging with a credit card default

louie31
louie31 Posts: 40 Forumite
in Mortgages & endowments
Can anyone recommend a remortage, 1 default from 2003 and 1 secured loan on property.

Credit score is 948. In May 2009.

Looking to remortage with LTV at 77%.

Thanks

Comments

  • nw_man
    nw_man Posts: 739 Forumite
    No-one on here can recommend a mortgage, they can only recommend you seek professional advice from a mortgage broker or IFA.
  • louie31
    louie31 Posts: 40 Forumite
    nw_man wrote: »
    No-one on here can recommend a mortgage, they can only recommend you seek professional advice from a mortgage broker or IFA.


    What i really should have asked:

    Has anyone else been in this situation and got a high street mortgage
  • mic200202
    mic200202 Posts: 171 Forumite
    louie31 wrote: »
    What i really should have asked:

    Has anyone else been in this situation and got a high street mortgage

    THe default will drop off the credit file after 6 years - worth checking the date registered if still on your credit report.If its not showing, then you have as good a chance as anyone else on a mortgage app.I would suggest if you can get to 75% LTV, then there will be more choice and the rates/fees will appear to be much better.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as advice.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    How much was the default for and has it been satisfied?

    Are you looking to consolidate the secured loan? If not are you aware you will need permission (deed of postponement) from the secured loan provider to change lenders?

    Which lender are you with at the moment?
  • louie31
    louie31 Posts: 40 Forumite
    No the default has never been paid, £3000 approx, due to an ex. Yes this is to pay of the secured loan of £8000.

    We are with the nationwide at min, would like to stay with them but am doubtful with this default.

    The secured loan is with GE Money.

    Mortgage at min is £57200, would like to bring it up to £70000, house is valued at 90,000 - 95,000.
  • louie31
    louie31 Posts: 40 Forumite
    They default was registered in october 2003
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.6K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.1K Spending & Discounts
  • 246.7K Work, Benefits & Business
  • 603.2K Mortgages, Homes & Bills
  • 178.1K Life & Family
  • 260.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture