re-mortgage question.

mx-3

Not to sure how to ask this.

I am in a very tight financial position.
I owe out £25k on several credit cards & a loan.
I`ve got lots of late payments on the ccards, but all are up to date now .
The mortgage had a few late payments 10 months ago, but that is also up to date ( with on-time payments for the past twelve months).
I have No ccj`s.

I now only earn 12k a year+tax credits.
I have 15k left on the mortgage & the house is worth around 100k.
So i need to re-mortgage for 40k.

Question is: will I get a mortgage from a high street lander or am I sub-prime because of the late payments.

MortgageMamma

depends on how many late payments and how quickly you got back into credit. I personally think the credit card late payments will show and you could end up on what we call a near prime product

if you can give me dates and amounts i could have a look for you, also hopw long you want your mortgage for and if you are repayment or interest only

mx-3

Not sure how many late payments there are ..........theres been major family troubles for the past few years.Should i get a credit report from experian.

non of the late payments are over a couple of weeks late.
I`m looking at a repayment mortgage over 15 years.
Will i have trouble getting a mortgage ????

MortgageMamma

no you wont have trouble if you approach the right lender with the right category of product

you should get your credit report from experian and equifax (they can both hold different information) https://www.experian.co.uk https://www.equifax.co.uk

this will help you AND your advisor place your mrotgage with the right lender first time and avoid any unecessary credit checks. You can view your reports online for about #10 and print them off or order them through the post which is much cheaper.

Don't worry, you won't end up with a horrendous mortgage rate or anything just because of missed payments

mx-3

Just got my credit score from experian.

Its 988 out of a 1000 even with some late payments.............which is exellent.

I`m shocked and stunned.......

MarkyMarkD

Credit scores published online are tosh.

What matters is your late payment history, which is not perfect. Some lenders (and clearly not all) will care about this and refuse to advance credit to you, or price accordingly.