Worried about remortgage.

Jonesy...

Hi all,

Me & My husband currently have a fixed rate morgagtage through the Halifax. Its due to due to run out in Feb 2012.

Our House is worth aprox £110,000 - £115,000. and we currently owe £88,000 at present.

Anyway since we took the morgage out, My credit rating has taken a serious nose dive, due to many missed payments on credit cards, within the last 8 months. This is due to hubbys overtime being cut, money becoming tight which has turned into a vicious circle. I have not missed any payments just paid them late several times which i know is going to cost me in the long run.

Anyway Im in the process of seeling my beloved car so that I can clear the £7k debt which I have on cards or pay off the loan i had for the car. Im thinking clearing the cards will be the best option.

Anyway my main concern is that when our mortgage is due in feb 2012, I wont be abe to get a mortgage. Could i just continue with the one we have got with the halifax.??? Hopefully by this time I will have 12 months of no late payments.

Any advise appreciated.

opinions4u

Could i just continue with the one we have got with the halifax.???

Yes. You will move on to their SVR (unless your deal specifies a different rate).

Take a look at the Debt-free Wannabe part of the forum and look for ways to increase income and reduce outgoings.

luckyfool

Halifax also offer product transfers (subject to no or limited arrears on the mortgage as well as loan to value) which would allow you to switch to a new fixed or tracker deal without a credit search or income proofs.

Jonesy...

Thanks opinions 4u, Yeah after our fixed rate is up it moves onto svr.. Im just hoping the rates dont shoot up..

Jonesy...

Luckyfool,

Oh will they thats great if they will do that, we have no mortgage arrears or missed payments we make sure that is paid every month. Hence the late payments on credit cards.