Future mortgages/arrears etc etc - need help!

Thelbob

I need some advice on pretty much what i said as the title. I'll give a brief backgroud and go from there.

Ok, myself and my husband bought our first home last November (when rates were still pretty high!). I lost my job in May this year so we took a 2 month payment holiday then did two months of half payments. This took us to October which would be the first month of the full payments.
In the meantime, we split up so only myself lives in our home.
I've managed to get some help from my local council who have paid off the arrears, with me to pay it back monthly. Also, getting help from Jobcentre to help me pay the mortgage.

What i want to know is, because of this, will it be harder for me to get another mortgage? My two year fixed rate is up September 2010 so will it mean i have to stay on a high rate or will i be able to change to something that will be slightly cheaper for me to pay? I was looking to changer lender, possibly for a better deal, but stay on a fixed rate again.

Any help on this would be appreciated, then i know where i stand when the time comes.

Senior_Paper_Monitor

Not enough information here to make any detailed comment, but:

1) If you were originally with Future because of adverse history

2) If these were arrears as you state in one line, rather than agreed holiday/reductions (and you have built up defaults as a result)

3) If your single income is significantly lower than previously as a couple

.... (any one or more of the above) then it will be near impossible for you to remortgage to anything (let alone a better deal).

Sorry to be negative - but I strongly suspect you need to recognise the situation and choose between keeping Future as sweet as possible or having a controlled exit.

Berkshiregirl

I've read it slightly differently in that you're worried about your mortgage in the future rather than you took out a mortgage from the company called Future... I might well be wrong....

Either way, without having a job with income you won't be able to swap to another mortgage deal. Equally, if you do get a job and your salary is not enough on its own to get a mortgage for whole amount then you won't be able to remortgage. And finally you'll probably find your half payments and payment holiday have been marked down on your record as defaults or late payments.

On the plus side you'll go onto your provider's SVR - your mortgage won't end, and may well be cheaper than your existing rate.

Thelbob

Sorry, I didn't make myself clear enough lol. I was rushing to explain my situation

Yes, you are right Berkshiregirl. Thats what i was trying to ask

Well, at least if i switch to the SVR it'll be saving some money, but i personally like the fixture of the Fixed Rate. I know what is coming out and when, allowing to budget accordingly.

The lender isn't called Future, i was asking about future mortgages etc. I won't go into who the lender is as i've found them to be pretty rubbish ie one person says one thing, another says something else etc

I am doing my best to find employment, god knows i've been trying for the last 7 months almost!

Thanks for the replied guys (and gal of course). I'll bear it in mind when the time comes and who knows what rates might be then. Keeping my fingers xd they dont change too much

Senior_Paper_Monitor

Ooops, sorry I read it as teh company Future (who ceased new business a year or so ago and were primarily an adverse lender).

However, without a job (agan i assumed you had one already - not doing well today) and probable defaults on the current mortage items 2 and 3 apply and - as Berkshire girl indicates - the current lender, keeping them sweet, and SVR (which may well reduce your payments) seem the only possible route.

Good luck