Fixed Rate Ending - Help/Advice Please

beccabooboo

Hi All,

i wonder if I could get some advice please? Here is a summary of our situ;
Currently in a DMP with CCCS paying around £25K debt
Have a Charging Order from Northern Rock for £21K
Mortgage with Platform for £81K on interest only at present
I am working full time earning £26K
Hubby made redundant in April, started own business, but due to ill health had to stop, now looking for work
Mortgage fixed rate ends in November, what I want to do is fix it again for at least 3 years on interest only so that, when hubby starts working again we can overpay the CO and DMP in order to make a big dent in our debts, however, with hubby not working at the mo, how likley is it that I will be able to get a new deal?
Should I ring Platform, are they likley to agree to fix it and save us changing lenders? If I have to change lenders, how likley is it that I will be able to?
Loosing sleep over this at the mo! So all advice would be very helpful!
Thanks
Becky!

beccabooboo

Just Bumping this up a touch!

Mrs_Bumble

You won't be able to change lenders with that sort of credit history, you will need to speak to Platform and ask them what they are willing to offer.

ANY_CHANCE

what rate will your mortgage go to after the fixed rate ends Becky?

beccabooboo

Thanks for the replies!
Not sure what the rate will change to However, when we got this mortgage 2 years ago we had been on the DMP for a couple of years already. We got it via Charcol, who were really good and who CCCS recomended, so I don't know whether to speak to Platform, or whether to speak to Charcol first and see what they say?
Confused, very confused!!!!

_Andy_

The problem is with the charging order,even if you did find a lender who was happy with the adverse (and of course depending on the LTV), you'd need a deed of postponement from Northern Rock to change lenders.

beccabooboo

So, given that, I am better to speak to Platform first then?
If I wanted to change lenders, how do I get a deed of postponement, would they want to review the CO? and is it easy to do?

Given that Hubby is currently out of work, and we have been going through a lot of other stuff, I would prefer to minimise my stress levels!!! I am already getting anxious about all of this, as I really don't want our payments to jump in November, do you think that Platform will be nice and helpful?!!

I will dig through the papers and try to find the rates!!!

Thanks
Becky!!

beccabooboo

Just found the rate and it will be 9.25 if their SVR is the same.

_Andy_

Beccy - how much (and be realistic here) is the home worth at the moment?

beccabooboo

well, I have always said £105,000, however, there is a lot of cosmetic stuff that needs doing inside, it probably wouldn't sell for any more than £85000-£90000 on the open market. However, houses around here of the same size and type are selling at around £120,000 so it's difficult to say.

When they did the valuation before it came in at £105,000.

ANY_CHANCE

Perhaps give your mortgage provider a ring to find out what the payments will be

i have PMd you