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Remortgaging with bad credit history
Siouxsie32
Posts: 1,987 Forumite
Hi
I currently have a residential mortgage with lenders permission to let on a property with Coventry on a SVR basis at a rate of 3.95%. I'm getting the feeling that now may be a good time to fix the rate but as a) I don't live in the property and b) since I took out the mortgage my credit rating has slipped (nothing major, a few missed payments but my level of borrowing is high) do you think I should stick with what I have or look around for something better?
Is there any chance if I speak to my lender they'll want to change the type of mortgage I have (to a BTL/higher rate)?
Don't want to get left behind but equally don't want to rock the boat!
I currently rent elsewhere with no intention of moving in the near future.
All advice welcome....
I currently have a residential mortgage with lenders permission to let on a property with Coventry on a SVR basis at a rate of 3.95%. I'm getting the feeling that now may be a good time to fix the rate but as a) I don't live in the property and b) since I took out the mortgage my credit rating has slipped (nothing major, a few missed payments but my level of borrowing is high) do you think I should stick with what I have or look around for something better?
Is there any chance if I speak to my lender they'll want to change the type of mortgage I have (to a BTL/higher rate)?
Don't want to get left behind but equally don't want to rock the boat!
I currently rent elsewhere with no intention of moving in the near future.
All advice welcome....
0
Comments
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Maybe a phone call to the Coventry BS to ascertain their current policy on CTL would be a start in the right direction. No need to disclose your current financial circumstanes.0
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