Will be get a mortgage deal ???

sandrad44

Hi Everyone.

We have vastly improved our credit file . Two small defaults for barclays ( bank charges ) to fall off July this year . 2 small [EMAIL="ccj@s"]ccj's[/EMAIL] under £200 both satisfied 2007.

On a debt arrangement scheme ( DAS ) in scotland. Have been on for two years and two years left to run.

Mortgage 121000
House value 185000 approx

What will our chances be of a remortgage ??? We are Interest only just now ( libor rate ) Which is very low but I would like to secure a deal before rates go up again.

ginvzt

No advise, but I hope you have been overpaying while LIBOR is low!

sandrad44

Yes. I have put the money in a saving account as Mortgage company will only accept one lump sum of £1000 per year.

Any one else able to advise what to do ??

happybroker

you're doing the right thing, the situation re IVA/ DAS etc is not good at the moment so you could have a pretty long wait before you can remortgage I'm afraid.

sandrad44

Thanks for your advice. Instead of saving do you think we would be better paying money into the DAS to clear this off earlier...... ??

I am just worried that the libor will rocket again as we are on interest only.