Wanting to Port my mortgage....BUT

Sammylea1986

Hi Im new to this site, but really looking for advice.... I currently have a mortgage and am wanting to move, to release some equity in my house to repay debts.

Before I had decided on moving, I first of all asked my lender for a further advance and was rejected due to the credit check :-(

Now the option of moving has come up, and I thought i would be able to simply port my mortgage, im not wanting to borrow any more and the LTV will be lower so better for the bank!!

BUT..... last year when i was suffering from post natal depression and struggling on maternity allowance to pay my debts, a Debt Management Company came along and promised me the world, and to be honest i was very nieve and believed them, not knowing the consequences!

After i got declined for the further advance i bougtht my equifax report and saw the damage, there is 4 AP (arrangements to pay) and a Default!! I am really upset because i never once missed a payment to the Debt Management Company but found out that they had held back my payments making me fall into arrears with my creditors.

I spoke to RBS about porting my mortgage and they said its a new application, but i know that i will be rejected because of my credit report and just dont know what to do now.

Is there anyone at RBS that i can explain my situation to who can take into account whats happened??

I have passed the affordability calculator, but know the credit check will fail.

Any advice is very much appreciated.

kingstreet

TBH I don't know what you were expecting to happen?

If you don't pay the full amount of payment required on time, eventually you'll be defaulted. A debt management plan is an agreement to reduced payments, just as it would be if you'd negotiated it yourself with your creditors.

As you've been unable to meet your obligations a new lender looking at your circumstances is likely to take the view you are a higher risk. Therefore you may be declined by a high street lender, or offered a product at a higher rate by a specialist "adverse credit" lender.

It sounds like you may have options because of the equity you have in the property. I'd suggest contact with an independent or whole of market broker before you have any other credit checks carried out, possibly unnecessarily.

Caroline73_2

I'm confused. If you planned to downsize and port your current mortgage payment how could your LTV be lower?