i have bad credit score and want to remortgage

maria46

hello everybody first time user.
i need some desperate advise . i currently have a mortgage of 10 years. i have 27000 left to pay and the value of my property is 100000 plus.
due to mainly bad organisation i have missed some mortgage payments but always caught up with the payments over the next three - four months.
i have a poor credit rating again due to miss payments on loans but everything is payed off now. many of the local banks will not go near me with a remortgage i only wish to borrow another 20000 for home improvements.
my queries are - Is it worth getting a remortgage from a company that specialise in bad debtors, and if so which company is the best (i mean wont rip me off so much )
i work hard for my money and dont like the idea of getting cheated.

herbiesjp

Who is your current mortgage with?

Have you tried them first?

Xbigman

Sub prime mortgages are bad news. They generally suffer from high rates, high fees and sudden increases in rates for no reason. And if you miss a payment on a sub prime mortgage you will get hammered.

Forget the home improvements for now, its not worth it. A 20,000 home improvement could easily end up costing 50,000.
Regards


X

rjm2k1

Are these home improvements really necessary? 20k is a lot of additional borrowing in comparison with your outstanding mortgage. Will you be any better at managing to pay 47k off than you have been at paying 27k off, have those issues definatly been sorted?

You current lender is probably your best bet, but don't be surprised if they offer you a worse deal than you are already on.

maria46

thank you my current mortgage is with the abbey national and they wont give me any additional funding. i really could do with this money as my home does need work on. i earn good money now and can easilly make the repayments.

MortgageMamma

Sub prime mortgages aren't always bad news, there are some very competitive deals to be had if you get the rigt advice. Its likely that you will need to go on a near prime or very near prime mortgage product and will be somewhere in the 6%+ category. Your best option is to consult a whole of market mortgage adviser who can assess your requirements and find a mortgage which is right for you.

nearlydebtfree_3

If you are employed surely the abbey national would extend you borrowing with a letter from your employer stating your current annual income, personally with the size mortgage you have and your if your current finances are good i would opt for the do a bit each month as and when you can afford, then when its done its paid for.

We brought our house 8 years ago and worked around it slowly, we now have a house to be proud of and are now going around again making more imporvements, its not the instant make over we all dream of but a least its paid for !!

Darren

MortgageMamma

Ps maria, forgot to say - don't keep going direct to organisations that are going to credit check you - too many credit checks will make your credit rating look even worse, obtain a copy of your credit rating online yourself and take it along to a broker - this way you won't leave another check on your file and your broker can be certain that they are recommending the right product,