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Best way to get away from hi interest mortgage?
PSABIN8951
Posts: 1 Newbie
We have a very high rate interest only mortgage which we'd like to get out of.
Circumstances behind it are poor credit rating meant few lenders were willing to take us on at the time.
The property cost £160k with a mortgage of £100k.
We are now getting back on our feet but meanwhile the property valuve has dropped to around £140k and my wife lost her job.
I want to change lender but find theres a £10k fee to change and my wages based on lending ratio of 3 to 3.5 times doesnt cover what we need.
Any ideas please?
Circumstances behind it are poor credit rating meant few lenders were willing to take us on at the time.
The property cost £160k with a mortgage of £100k.
We are now getting back on our feet but meanwhile the property valuve has dropped to around £140k and my wife lost her job.
I want to change lender but find theres a £10k fee to change and my wages based on lending ratio of 3 to 3.5 times doesnt cover what we need.
Any ideas please?
0
Comments
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You can't get out of the ERC, though are you sure it is 10k as that sounds high. You say you're getting back on your feet, but has your credit rating improved? If your wages are too low to be accepted for a remortgage, then I think you're out of options.0
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Why do you feel it's going to be a good plan to pay at least £10k to change mortgage?0
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Who is your current lender?
Do you have an up to date copy of your credit file?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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