New mortgage? Probably unlikely

invisigirl

Hello,

Myself and brother are currently in a mortgage with MAS and our 'good period' is due to end in June.

I'll be honest the past two years have been RUBBISH. I have a CCJ. My brother and I are on a debt management plan and there has been a missed mortgage payment in the past year (it will not be in the last 12 months when it comes to an end of our good period).

The problem is we are on an interest only mortgage at the minute, it was only supposed to be until this period ended so we could sort ourselves out. The interest payments are low. But before that our mortgage was less than £300 a month anyway. We have a mortgage of 53k and the property next door is on the market for about 85k. Unlocking that extra would get us out of debt and have one payment between the both of us which would be amazing but I know its highly unlikely that I will get a 100% mortgage these days. A payment in the region of £300 is still manageable. But I am I thinking with the above info getting a re-mortgage is going to be highly unlikely if not impossible.

Any advice much appreciated.

Thanks

CloudCuckooLand

Why worry about a re-mortgage? Sell it, take the profit to clear your debts, and start again when you have managed to keep your credit history clean for a few months.

beecher2

What's the follow on rate for your mortgage? I can't see you getting further borrowing, or a remortgage - go onto Debt Free Wannabee for help in dealing with your debts.

invisigirl

Thanks for your replies. It looks like selling my house would take a while as next door has been on the market for nearly 9 months, also the house is literally next door to my elderly dad whom I care for which means that I would need to move away from him. Don't want to get into the business of renting again as we couldn't afford the rent on a house (nor look like a god rental?).

The DMP are with Payplan anyway, I am a long time lurker so followed advice on the board to get these in place. We are trying to plough more than we are meant to into these to get them settled.

Moglet

invisigirl wrote: »

The DMP are with Payplan anyway, I am a long time lurker so followed advice on the board to get these in place. We are trying to plough more than we are meant to into these to get them settled.

Keep an eye on your credit files and make sure Payplan are sending your payments out with enough time to reach the creditors payment dates. If not, change the payment due date or make an additional payment so your monthly payment is always early.

invisigirl

Moglet wrote: »

Keep an eye on your credit files and make sure Payplan are sending your payments out with enough time to reach the creditors payment dates. If not, change the payment due date or make an additional payment so your monthly payment is always early.

Thank you for that. Called Payplan to confirm payment dates etc and all looks good there is a gap of 15 days for things to be paid and payment to reach the creditor.

Moglet

Glad your experience is better. In mine, payments were made to them on the 1st but they often sent the payment from 12th - 22nd of the month meaning it didn't reach some creditors until the 28th which was too late!