Remortgage advice credit ect

con£used

Hi , Hoping that the good people on the forums here will be able to help.

Currently we have a mortgage of 74,500
secured loan of 15,000
awaiting experian credit report but excpect it to show
2 ccjs previously that are being paid off total left about 3,000
missed 1 month payment mortgage in past 6 months paying back as per
agreeement.
Hoping to remortgage to get a better monthly rate ,as life job- changes
have changed our income to 17,000 plus 7500 wftc .
Payments are a real struggle so we need to do something !!!!
The value of the house is £140,000
would we be better to take the profit, rent and then buy in a year or so, or will we be able to buy a cheaper property, mortgage and with the descent deposit we have get a mainstream mortgage ,or indeed with the equity we have now would we be able to get a better deal.???
Currently paying 580 per month +100 on mortgage
also paying 150 per month on loan.
many thanks in advance and hope someone will be able to help :beer:

MortgageMamma

Hi there

Your situation isnt uncommon and I can see you will be struggling to meet the monthly payments on your combined mortgage, arrears and loan. If you have a capital repayment mortgage you could ask your lender if it is possible to extend your term (so long as its not beyond retirement) to make payments more affordable for you. Failing that, you could request some of the mortgage is switched to interest only, on a temporary basis until your finances recover. The most important thing is that you are addressing this now before things get too bad for you.

You don't mention what it is thats changed your family circumstances so its difficult to say if either of the above options would help you. Obviously you have children to qualifiy for WFTC, some lenders will take this into account on top of your earnings,.

To help further I would need to know the finer details of your finances, and your objectives for the future. It would also be essential to know when you got your ccj's and if you have any satisfied defaults/ccjs as well as the two unsatisfied ones.

Obviously its outwith the scope and aim of the forum to provide specific advice on these pages, but I would recommend you consult a whole of market mortgage broker initialy, to quantify if a remortgage is a viable option, or if not, assist you in managing your situation.

HTH

MM