Mortage advice please

waveydave

Hi all,

to cut a long story short - having started out with a high street building society in 1997 and a low mortage we have upped and upped our mortgage through the good times of the late 90s and early noughties to 140k ish - we then hit lean times, defaulted, ended up with less than savoury mortgage lenders etc and am now in the position of havng a 140k mortgage that we are only paying the interest on i believe with paretus somebody or other lol.

as we are now we are financally sound and prob have £800 + "spare" each month after payng mortgage and bills but we DONT have a very good credit rating yet and in all honesty we are probably looking at 4 years till thats clean.

What i want to know is how do we go about getting a decent mortage deal and actually paying it off - ideally id like to get a new mortage for 15 years and actually pay it off rather than as we are now just paying the interest.

So any advice ?

Dave_Ham

Hi,

Really need to know how bad is bad credit and then can give better timeframes..

How many defaults, CCJs or mortgage arrears and how recent would be a good starting point...



Cheers

waveydave

No Mortage arrears,

defaults - 2 0r 3 but only on small things that have been or are being caught up with

CCjs - 2 - both should of gone in next few months

In the past however it did get quite bad -but most of that "fell off" the credit record between 2010 and now and a good 90% was paid off in full or partial and the remaining few were fought and cancencelled in court

Dave_Ham

Cheers - and the value of your current property please?

waveydave

most recent valuation was 165k - house across the street recently sold for 140k

current mortgage is 126k

Dave_Ham

Then you should be ok, once some of the naughties drop off.

Sounds like you are a fair way forward with your plan and just a little further and with a bit of research or some professional help you should be sorted and back in the mainstream soon...