Please advise on remortgage

nadnad

massa
post your debts and then we can see if there is some sort of short term option to fend these off until you get your mortgage sorted. I have no doubts that you will be able to get a mortgage but just perhaps not until you have been in the job 3 months or more. However it is worth trying to get one now.
1) I would go to Halifax - explain the situation you are in - explain that the extra money in the mortgage will wipe out all your other debts, leaving you with just your mortgage on a property with £120K of equity in it - i can't help thinking this shouldn't be too much of a problem.
2) Also go to a whole of market lender with no fees and explain situation - they should be able to advise you.
3) Post your other debts - you don't want to get into trouble with them because it will prove difficult to get out of and will affect you getting a mortgage.
4) Phone the creditors - e.g. credit card company, overdraft - explain that you have found yourself in a difficult situation - try to get the interest on the overdraft frzen, lower the rates on the credit card, lower the payments for a while - if they see that you are trying to keep them happy BEFORE you get into trouble they should be willing to help you out a bit.

Good luck with everything and keep posting and try not to worry too much - there is light at the end of the tunnel, you're in a better position than a lot of people, and you should be able to see yourself right - with the help of all the wise people on here!!

massa121

Hi nadnad

Thanks again for encouragement and support.

I have been to see Halifax advisor and she said straightaway that I won't get an advance if she did credit score because she had done one similar to miine. So she she could arrange a secure loan on my property which would have a higher interest rate. Then I rang Halifax direct and the advisor said we must do a credit search first to advice me what rates are available to me.

I cannot go to see an advisor now because I work 9-5 and out of town. Most of the sat wkend appts are full and I want to get application started asap because I have no resources at all and usually process takes few weeks. I cannot take time off work as I have just started employment and it wouldn't reflect well.

My immediate debts are with Barclays overdraft of £1725 which is over by £225 on my limit. I asked them if they can do anything to help whilst I sort out my problems but their advisor was only too keen to give appointment for mortgage advise and said can't do anything. Then next on 16th my loans and credit card payments are due which I am bound to default because I have no means and thus create a negative score on my record. This will all as you say make make it difficult to get a further advance on mortgate. That is why I am so keen to go for best product people here can advise and get credit scored.

nadnad

Ok no one seems to be helping much here - are there no independant financial advisors that would visit you in the evening - I'm in northern ireland and thats what a lot of them do - they are keen to get business - its just that they would be able to immediately tell you which product you are likely to be able to get successfully.

I would start another thread with URGENT in the title to try and get some interest here as well - because there are a lot of financial advisors on - I'll try and find some and maybe you could send them a personal message.

Also phone Barclays again - ask to speak to someone senior - not just the first person you get on the phone - explain that you are about to get into real trouble but you are doing something about it and that you will be sorted within the next month.

Do the same with your loans and credit cards - tell them you don't want to default - with the credit cards - say you can pay a nominal sum this month - even if its £20, and the loans ask if you can do the same or something similar - as a last resort ask them if you can change your payment date until the 31st of the month - that at least will give you a bit of breathing space. Explain fully that you are in a difficult situation but will have it sorted in the short term and you don't want to be penalised.

Thats all I can think of for now - you've done so well so far and its good you've asked for help before you start to get into real dificulties - I'm off to get some financial advisors names for you, but do start another thread cos this ones gone stale.

nadnad

Massa I posted this for you in case you don't get time - hopefully someone will be along shortly to sort you out!!

http://forums.moneysavingexpert.com/showthread.html?t=193282

herbiesjp

With such a nice request nadnad how could anyone refuse:


Massa you are looking to borrow £58k then (37+21) over 11 years

You are based in Nrthern Ireland, now have a permanent job, but have only been in that job for 1 month.

Now there may be some lenders that could help with this - the rates I can see are around mid 4%s for trackers and they can offer some incentives as well i.e free legal fees to keep your costs to a minimum. - rough idea for new monthly mortgage cost would be around £575 pm compared to you current costs of £1175 (383+792)

Fixed rates will be higher may may come out around the same monthy cost due to the interest calculation i.e monthly as opposed to yearly

You would need to make sure the lender was happy with the employment scenario though.

Do these figures help?

nadnad

sorry herbiesjp - massa isn't in Northern Ireland - I am, I don't suppose it matters too much!! - thanks for replying, I hope Massa will be along shortly to see.

herbiesjp

Same deals still apply

Ooops - must read the post! :wall:

massa121

Thanks herbiesjp. Can you give me a name of any specific lender who is likely to give me an advance with low tracker rate on my situation?