would we get a remortgage?

stevo01_2

HI

Im new on here and was just looking for a bit of advice

My partner and i currently have an interest only mortgage with SPML ( through Capstone ) amount is £103000, we have just come out of the tie in period, and the rate has reverted to 3.24% above Libor, giving us a monthly payment of £338.49, I myself have had motgages for 12 years and never missed a payment, OH half has had mortgage with me for 5 years again no missed payments. However I have had 3 defaults all back in 04/05, which are paid in full and i am currently on an arrangement to pay on 2 credit cards Outstandin £3000, i have missed no payments on anything since the defaults. and OH has 1 default £2500 outstandin witch she is still paying. Combined salaries are £49700, house is worth approx £120000, we have 1 child,
My question is, are there any mortgage lenders out there that would touch us? or are we going to have to stay with SPML for the foreseable future.
Would appreciate any advice

Thanks

inspector_monkfish

stevo01 wrote: »

HI

Im new on here and was just looking for a bit of advice

My partner and i currently have an interest only mortgage with SPML ( through Capstone ) amount is £103000, we have just come out of the tie in period, and the rate has reverted to 3.24% above Libor, giving us a monthly payment of £338.49, I myself have had motgages for 12 years and never missed a payment, OH half has had mortgage with me for 5 years again no missed payments. However I have had 3 defaults all back in 04/05, which are paid in full and i am currently on an arrangement to pay on 2 credit cards Outstandin £3000, i have missed no payments on anything since the defaults. and OH has 1 default £2500 outstandin witch she is still paying. Combined salaries are £49700, house is worth approx £120000, we have 1 child,
My question is, are there any mortgage lenders out there that would touch us? or are we going to have to stay with SPML for the foreseable future.
Would appreciate any advice

Thanks

LIBOR is coming lower everyday, so you can't really go wrong with that at the moment

3mth LIBOR today was fixed at 0.63125%, making your overall rate 3.87125%

stevo01_2

thanks for the reply Inspector Monkfish, I understand that at present we are a lot better off staying with the lower rate as the Libor has been dropping ( i have been following on your other thread, many thanks for posting this all the time )
I checked our rate with Capstone and they said our repayment was based on 1st sept Libor rate, whic oi belive was 0.68.

We ideally would like to get on a repayment mortgage eventually, but i do agree that staying put for the time being is cheaper, I prob should have worded my original post differently, in such that if we had to remortgage would any touch us? ( eg if the libor rate increases dramatically we would be paying a lot more and would have to move quickly to try to remortgage )

inspector_monkfish

stevo01 wrote: »

thanks for the reply Inspector Monkfish, I understand that at present we are a lot better off staying with the lower rate as the Libor has been dropping ( i have been following on your other thread, many thanks for posting this all the time )
I checked our rate with Capstone and they said our repayment was based on 1st sept Libor rate, whic oi belive was 0.68.

We ideally would like to get on a repayment mortgage eventually, but i do agree that staying put for the time being is cheaper, I prob should have worded my original post differently, in such that if we had to remortgage would any touch us? ( eg if the libor rate increases dramatically we would be paying a lot more and would have to move quickly to try to remortgage )

no worries

then that, i'm afraid i do not know....

what i do know is, LIBORs are not going up any time soon, so i 'm pretty certain you have time on your side....

brit1234

It has to be down to equity in the property. How much have you got?

stevo01_2

HI equity should be £17000,if the valuation is correct