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Help! Remortgage advice needed
electribem
Posts: 85 Forumite
Good Morning all,
I currently have a variable rate mortgage with Mortgage Agency 5 Services (MAS5). I originally had it with GMAC in 2007 but it was then passed to Topaz and then finally to MAS5.
I want to remortgage to release equity to pay off substantial debts. I have a joint mortgage with my sister. I have adverse credit and a CCJ which has been satisfied. My sisters credit is ok. We are 2 months in mortgage arrears at the moment however. This will be cleared by the end of the month. I've worked out we possibly may have £75,000 in equity. The debts to be paid total £36,000. £20,000 of debts belong to me. £15,000 of debts belong to my sister.
I am self employed/agency. My sister is permanently employed. We have a joint income of roughly £50,000-£60,000 a year.
My main question is this, should we try to remortgage with MAS5 and what are our chances of approval? Would I better off leaving my current lender and trying to get a better deal elsewhere?
The mortgage broker I was with when the mortgage was taken out has ceased. Whats the best way to find a good mortgage broker that could possibly cater for our needs?
As a bit of background this has all been prompted because I tried to set up a DMP with PayPlan. The adviser there told me an option would be to remortgage to clear the debt.
I would appreciate any advice, heads up and guidance you care to give.
Many thanks
I currently have a variable rate mortgage with Mortgage Agency 5 Services (MAS5). I originally had it with GMAC in 2007 but it was then passed to Topaz and then finally to MAS5.
I want to remortgage to release equity to pay off substantial debts. I have a joint mortgage with my sister. I have adverse credit and a CCJ which has been satisfied. My sisters credit is ok. We are 2 months in mortgage arrears at the moment however. This will be cleared by the end of the month. I've worked out we possibly may have £75,000 in equity. The debts to be paid total £36,000. £20,000 of debts belong to me. £15,000 of debts belong to my sister.
I am self employed/agency. My sister is permanently employed. We have a joint income of roughly £50,000-£60,000 a year.
My main question is this, should we try to remortgage with MAS5 and what are our chances of approval? Would I better off leaving my current lender and trying to get a better deal elsewhere?
The mortgage broker I was with when the mortgage was taken out has ceased. Whats the best way to find a good mortgage broker that could possibly cater for our needs?
As a bit of background this has all been prompted because I tried to set up a DMP with PayPlan. The adviser there told me an option would be to remortgage to clear the debt.
I would appreciate any advice, heads up and guidance you care to give.
Many thanks
0
Comments
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electribem wrote: »I have adverse credit and a CCJ which has been satisfied. My sisters credit is ok. We are 2 months in mortgage arrears at the moment
Therefore your sisters credit is NOT ok...
Its not looking likely with such recent arrearsHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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