Remortgage help

PhoenixB

My partner and I have a fixed rate mortgage which will come to an end in Feb 2011,

We have got into a pickle over the last year with a couple of store accounts and credit cards, we are now worrying that this will affect our credit if we decide to remortgage once the fixed period is up, we have debated with staying with our current lender on there variable rate which is about 4.24% (lower than our fixed rate %) in the mean time really ploughing on paying these other things off and closing them down once clear

Do you think that this is the best way to go round it or are we missing something!!! A am also going to get our credit history from experian to see whats actually on there, as I am not sure if the cards etc have been registered as late or missed payments, will this make a difference?

Thanks in advance

DarkConvict

Credit report. £2 for each provider.

Experian - http://www.experian.co.uk/wiseconsumer/
Equifax - https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml
Call Credit - https://www.callcreditcheck.com/sign-up-1 (i think this is the £2 mail order one)

Have you missed any payments or defaulted on anything, mortgage, storecard, credit card, loan etc.
Do you have lots of outstanding debt excluding the mortgage?

If not, then there isnt much if anything to worry about.
Otherwise the worse your history the worse a rate you get. The more recent the issue the greater the impact it has. But nothing stays on the report for over 6 years. Defaults, CCJs, DROs, Bankruptcy all the negative things generally affect alot you until they actually fall off 6 years after they first got placed, putting you into sub prime category. http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases#what

Oneday77

I would say keep an eye on new deals and see if any will make a big difference. But for now since the VR is lower than the old FR then concentrate on the CCs and other debts.
Go to www.makesenseofcards.co.uk/snowball.html to see where to throw the cash at.
Once cleared keep one if you can promise to only use it in an emergency or pay it in full each month. The pay in full each month keeps the credit rating going and possibly help repair it. Shows an ability to pay on time regularly.

PhoenixB

Thanks for your help guys, just got our credit records from Experian on a 30 day trial which we will cancel Monday.

Although my partner has a credit card, car loan, consolidation loan and mortgage, there are no late payments, defaults or missed payments, so from that side of it, its all good.

Think maybe the reason is that he has too many credit things on the go all at once?

How long do late payments stay on your record by the way???

Think we will just need to pay up everything we have as best we can before the end of fixed rate, then see where the mortgage rate with santander is on their normal variable rate, if its lower than current then just stay with them on an unfixed mortgage, then if it creeps up look at a fixed rate again