Mortgage Renewal & Default

Im-Blue

Hi there

Not sure if this is fore Debt-free or mortgage board.

I wonder if anyone can offer me any advice; I have just checked my Credit Expert file and I have 3 defaults on there.

1 i knew about from my old bank overdraft which was due to drop off within a year - which is showing as paid & satisfactory, the other two were put on there by Lowell Debt Collection Agency for two different mobile phone bills (which are subsequently now paid & satisfactory) which aren't going to drop off until 07/2011 & 08/2014

My problem is I am worried that when my mortgage comes up for renewal (which it is due for in May 2011) they will see that I have defaulted three times and perhaps not renew my mortgage and/or give me a good or average rate.

I am not too bothered about having the defaults on there generally because I am not looking to get another mortgage or any credit for next 5 or 6 years anyway as Im going back into education so wouldnt be able to afford it, but im worried about my current mortgage being refused as I have defaulted on other credit agreements...

I have always paid mortgage on time BTW

hope someone can reassure me!

thanks

Peeky

What?

Your current mortgage will run until it is paid. If you are on a fixed rate, then at the end of the term it will revert to SVR. Normally at this point you would remortgage and get a better deal. You won't be able to

Im-Blue

Peeky wrote: »

What?

Your current mortgage will run until it is paid. If you are on a fixed rate, then at the end of the term it will revert to SVR. Normally at this point you would remortgage and get a better deal. You won't be able to

sorry thats what i meant - after the fixed period, not a "renewal"! my bad...

I'd be able to remortgage with the same provider just not with a different provider?

Sorry if im sounding thick it's just i didnt sort out the mortgage stuff my OH did... but it's me who's now got the default so therefore me asking for advice!

WASHER

SVR at this moment is better than a fixed rate. I wouldn't worry at the moment, very few people know whats going to happen with interest rates next year. You may have a few problems with remortgaging with defaults on your file, but take a look at martins advice on remortgaging, it may well help you. If you have always paid your mortgage on time, there is no reason why as long as your salary is the correct ratio to your outstanding mortgage why your current lender couldn't give you a reasonable rate to keep you with them.

If you do have problems, or just need free advice, Martin recommends London and County, I have used them in the past and they were fantastic, got me a mortgage when my husband was self employed and very few people would touch us.

Professor_Pat_Pending

My fixed rate ran out a year ago, so I rang my mortgage provider and renegotiated a new fixed rate deal, no credit check, done in 5 mins, of course it meant staying with them, but I still got a good deal.
Just checked there website and they still do this, plus as has been said if you've been with them a while and always paid, then why would they want to lose you?

Im-Blue

Professor_Pat_Pending wrote: »

My fixed rate ran out a year ago, so I rang my mortgage provider and renegotiated a new fixed rate deal, no credit check, done in 5 mins, of course it meant staying with them, but I still got a good deal.
Just checked there website and they still do this, plus as has been said if you've been with them a while and always paid, then why would they want to lose you?

thanks for info!

I hope HSBC have the same attitude!! :-)

We're most probably going to stay with our current provider... I'm just panicking a bit!