Default Stopping Mortgage PLEASE HELP!

elliotlyla

Hi all
i am trying to get a new mortgage firstly to make it cheaper than exsisting one and secondly to be able to get my soon to be ex wife off the mortgage
I (and we as we were before) have been dealing with cccs debt management for a year or 2
At some point around a year ago there was a default with one of the creditors, this is stopping any mortgage app going through, my credit score is very good according to experian website and is 847!
Not sure if anyone could help but any advice would be appreciated
I have been trying to get a deal with a broker who has suggested to wait a few years and try again, however i am trying to buy my ex's half of the house and the contract terms state i need to get her off the mortgage to do so!

luckyfool

What is theloan to value percentage, amount you need to borrow, and your incomes?

herbiesjp

How much is the default for?

ILW

It appears you are also on a debt management plan of some sort. The problem may be more than a single default.

elliotlyla

my house is worth around 90-100k
the remainder of the mortgage is 45k, however i ideally would like to lump my debts in which would take it to 75k, be i am realistic in that this may not be possible, thanks for help so far, any more hints tips advice would be appreciated

maninthestreet

Are the 30K of debts you refer to the ones that resulted in you engaging a debt management company?

ItMightBeUsefulOneDay

With some cccs and debt management issues, banks aren't going to be very keen to lend to you I'm afraid. They are still trying to back out of mortgage lending and are tending to cherry pick the safest bets to minimise their risk of defaulters ruining their bonuses and champagne lunches.

If I were you I'd pop over to the debt-free wannabe forum and ask for advice there. Moving unsecured debt onto ones which could cost you your home isn't usually advised. The first thing to do is to fix the root cause of the overspending so you don't end up back where you started in a few years time but with a lot less equity in the house. Cut back and cut back again on all expenditures (publish an SOA on the DFW board, their budgets cuts will make your eyes water) so you can maximise your income to debt clearance. You're in a fortunate position of having both a decent amount of equity in the house and a small mortgage.

elliotlyla

yes debts are why i bought in cccs, with cccs they go through a budget with you, at moment i am living tight anyway, car booting and ebaying alot to get extra spends, so i am not exaactly in live of luxury, but i do know what you mean.
not really the answers i was hoping for but then again, i was/am a dreamer! cheers