remorgaging problems

charlie5922

hi there,

i`m new here, but need some advice. I hav been ill for some time and we have run up credit cards to the max, we also hav a second charge on the house and just found out that we are to get e 10k tax bill due to a tax office !!!! up. My husband earns 70k but after tax and outgoings we don`t hav a lot left at the end of the month. our house is worth 195k and we have 170k on mortgage, we hav never missed a payment. I applied for a remortgage to put everything in one place with the c&g and lower our outgoings by 500 pounds a month, I have one 300 pound ccj from years ago so we were rejected, we see no option but to sell the house and rent which would be cheaper, and use the profit to pay the tax office, our children are gutted so can anyone give us advice as to what to do.? thanks

Conrad

How much do you want to borrow?

Can you prove income (typically 'proof' means your husbands net profit as set out in his accounts , NOT the gorss figure), if not the mortgage will be restricted to 90% in most cases?

charlie5922

hi,

we wanted to borrow the max so 185k so we could pay they second charge off and pay the tax bill.!

thanks

charlie5922

oh, sorry yes we do hav pay slips for my husband.

herbiesjp

You are looking to borrow 95% - just a note here that you will incur Higher Lending Charges with most lenders.

Sone do not charge this fee like C&G, but you may not fit the lending criteria as you have found out.

I think you should still be able to find normal rates if the CCJ was from 3 years ago now - difficult to be more specific without more details on the CCJ

toonfish

C&G hav ejust started lending to "minor adverse" clients - might be worth checking again with them. There are many lenders that would do it though, just watch out for the fees.

MortgageMamma

Northern Rock will most likely be able to help you, so could first active, and a couple of others - but this is a lot of money you are talking about so I would advise you to take professional advice before doing anything else. Please do not go applying direct to lots of lenders to "shop around" or "see who accepts you" as by doing this you could damage you credit rating - lots of searches on your files is not a desireable thing in a lenders eyes.

Contact a whole of market mortgage broker, fee's free is preferable as whoever gets your business will get around £650 without even doing your insurances, however if you choose a fee charging broker make sure its not more than a few hundred quid.

Good luck

MM

charlie5922

thanks for all your replys , i`m going to contact a broker, and have them look around for me.

thanks.