Mortgage Renewal & Defaults

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

_Andy_

You don't 'renew' a mortgage, it just goes on to the SVR
In any case if you're staying with your current lender no checks will be done

Im-Blue

_Andy_ wrote: »

You don't 'renew' a mortgage, it just goes on to the SVR
In any case if you're staying with your current lender no checks will be done

thanks, but what's an SVR? is that like the rate it goes on after our fixed period ends?

yes most probably staying with current lender...

_Andy_

Sorry - Standard Variable Rate - yes the one it goes to after the fixed.
You may find it's lower than the fixed rates they now have on offer but give them a call, see what's available.