Help, are things really that bad??

azlan30

Good Morning,
Some advice please, for free of course!!
Have just had a mortgage adviser round from our local estate agents and has said that he can`t help us, now..

My partner and I have had a mortgage for nearly three years, coming to the end of our fixed period.

When we took the mortgage I had a default on my credit file from summer 2006 so we didn`t get a great deal.

Since getting the mortgage I have not missed or made a late payment on the mortgage or anything else.

When we got our credit files again this year my girlfriend had a CCJ from november 2004!!! which wasn`t there 3 years ago! CCJ is for £234 unpaid hotel bill which she never stayed at (so she says!)

My default is still unpaid at around £7000.

I know credit was very easy back 2007 but are we really untouchable???

Any help/opinion`s would be great, thanks

_Andy_

No idea as you havent given key info

how much owing on the mortgage
and
realistically how much is the home worth?

azlan30

Yeah forgot that part, 175,000 on mortgage

home put on market at 200,000

Senior_Paper_Monitor

You will almost certainly (would need the full background before confirming) be better off on your current lender's SVR than anything new that can be arranged (if indeed it can - and that is doubtful).

You may well benefit from reduced payments inituially when you go on to SVR - take the opportunity to make overpayments (if permitted) and reduce the LTV for next time round (and/or address the unpaid default to buld up the credit rating file)

_Andy_

Agreed - home on market at 200k - realistic completion maybe 190? not enough equity given the adverse.
Not quite sure why you're wanting to remo if you're selling

Conrad

There is no lender that can help you.

I have had a 75% case declined as the applicant has some old fairly minor adverse credit.

There were some lenders still offering adverse credit mortgages last year but they have no funds left.
Even Chesire Mortgages with thier 14% rates have run dry.

I'm wondering if a big backlash against the Government is going to come, because that's who millions of people frozen out fo the market are going to blame, rightly or wrongly.

I suspect no politician yet realises the huge numbers of people this has frozen out of the market. That inckudes millions of self employed people that pay accountants to minimise thier true earnings.

azlan30

Thanks guys for the quick responce, Andy we are looking to sell not remortgage, house is to small for us now but it looks like were stuck meantime. Our current lender no longer does mortgages!!!!!!

Yeah our payments will come down nicely in april as long as the intrest rate stays low!

Thanks again

MrsTinks

Make sure you get the CCJ removed from her file ASAP if it's not actually hers... that will have a serious impact!