Please reccommend me a decent mortgage broker for Teesside remortgage

jgallcash

I hope someone can help me.

I need a fees free all of market broker to try and find a decent remortgage rate for my mother (49 years old).

The problem is that she is awful with money in terms of using easy credit from days gone by to fund everyday life because of a poor job and lack of management. I'm so dissapointed because it really has nothing to do with funding a particular lifestyle; she has never had any money and has nothing to show for the current £6k she owes on 4 credit cards.

The banks have (apparently) upped her interest close to 40% and she hasn't spent on these cards for 6 months now, just paid minimum monthly repayments with a little over to clear the balance (i know how long this would take, YEARS!)

She bought her ex council property for £48k and it is currently worth around £100-115K. She is currently run onto the HSBC SVR and needs to remortgage including raising some capital to pay off these debts. I believe that extending the term of the mortgage is or was a no no originally and i'm presuming this would still be the case.

1. Has anyone heard of these credit card interest rises? ( she does have a poor credit rating i'm sure)
2. Does this sound like something that might be possible in the current climate? With a fairly decent rate?
3. Does anyone know a decent broker that covers Teesside?

I live in the capital some 250+ miles away and despite being really disappointed with my mum for burying her head in the sand over this I really want to help her get out of this mess, other wise i'm absolutely sure it will spiral further.

As ever thank you so much in advance for any responses good and bad.

happybroker

1. a couple of credit card companies upped the interest rates on the cards when they stopped charging annual fees so it's possible this has happened to your mum.

2. your mum really needs to get a copy of her credit file before meeting with a broker, there will be no of telling if the re mortgage is possible without this and detail of loan amount, income etc

jgallcash

happybroker wrote: »

your mum really needs to get a copy of her credit file before meeting with a broker, there will be no of telling if the re mortgage is possible without this and detail of loan amount, income etc

you mean her credit file from the bank in terms of amount owed etc or credit file from someone like experian or equifax?

jgallcash

Can anyone clarify this please?

Joe_Bloggs

HSBCs standard variable rate is 3.94%. This a very good rate given some standard rates.
Get your mother to apply for all her credit files Experian,.Equifax, Callcredit and see what the situation is. See the links at the bottom of MSE Martin's Credit Rating page here.

jgallcash

Once we have a copy of these and have checked that they are correct should these be taken when meeting a broker?

I agree that the SVR is good, although my mum really prefers the security of a fixed rate. Anyway the issue really isn't so much the rate, its the fact that she needs to raise some money from the equity to pay off these other debts.

Joe_Bloggs

Perhaps what is needed is a budget and some debt restructuring.
J_B.

jgallcash

Absolutely on the budgeting. Any tips on initiagting this from 250+ miles away? Perhaps a meeting with CAB?

What do you mean by debt restucturing?

Joe_Bloggs

I wish I knew as well. Clearly money is owed and the rates are at XX%. Once all the facts are in then perhaps some kind of settlement can be obtained. I am sure that the Debt-Free Wannabe section of this forum can help with spiralling / out of control debt.
J_B.