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Getting another mortgage
Money_Mad_3
Posts: 170
Forumite
Hi everyone,:j
We have mortgage on our present home which we re-mortgaged over a year ago to clear some debts. Our mortgage is with GMAC and the interest rate at the moment is 7.28%. We are tied in for 3 years this is our second year having the policy. But the policy is transferrable so if we decided to move.
We clear many debts but my husband has 3 credit cards outstanding which we pay £20.00 per month on each as the accounts went into default. The total amount of all these card outstanding is £5429.43.
He cannot get credit because of the defaults and they come off in 2008/2009 I cannot get credit as I am associated with him and this is logged down with credit reference agency.
The question I am asking is would the GMac give us another mortgage or would it be better to clear these cards first before applying.
Any help greatly appreciated. Hope I have explained the question ok.
Many Thanks.:rolleyes:
We have mortgage on our present home which we re-mortgaged over a year ago to clear some debts. Our mortgage is with GMAC and the interest rate at the moment is 7.28%. We are tied in for 3 years this is our second year having the policy. But the policy is transferrable so if we decided to move.
We clear many debts but my husband has 3 credit cards outstanding which we pay £20.00 per month on each as the accounts went into default. The total amount of all these card outstanding is £5429.43.
He cannot get credit because of the defaults and they come off in 2008/2009 I cannot get credit as I am associated with him and this is logged down with credit reference agency.
The question I am asking is would the GMac give us another mortgage or would it be better to clear these cards first before applying.
Any help greatly appreciated. Hope I have explained the question ok.
Many Thanks.:rolleyes:
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