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Bad credit Remortgage
habin67
Posts: 1 Newbie
Hi i have a Santander fixed rate Mortgage which comes to a end on the first August i currently pay 3.55. The problem i have is that this year i went mad and missed loan payments and credit card payments and got a default( never missed mortgage) Santander will not offer us a rate apart from variable 4.24 we wanted to pay off credit cards as well. We owe 152000 but house worth 315000 will anyone touch us? First time Poster so thank you.
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Hi i have a Santander fixed rate Mortgage which comes to a end on the first August i currently pay 3.55. The problem i have is that this year i went mad and missed loan payments and credit card payments and got a default( never missed mortgage) Santander will not offer us a rate apart from variable 4.24 we wanted to pay off credit cards as well. We owe 152000 but house worth 315000 will anyone touch us? First time Poster so thank you.
Hi there,
Yes banks will touch you due to the equity in your property, although they will take you on at bad rates and high product fees. You would be better off paying off the default and paying down the credit yourself whilst on the 4.24 SVR.
Aside from this, the rates on offer for a client with recent default are really not attractive..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If the unsecured debt is an issue now. Worth thinking through your options in case Santander's variable rate increases.0
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I have the same type problem.
House is worth £495000 with a £30000 interest only mortgage.
I need to raise a further £30000 to clear my debts.
I am nearly 66 so only have my pension but I work as a TV extra.
Any help on how to raise the £30000 would help, I have bad credit.0 -
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OP you may be better considering a second charge secured loan. That way you could leave the bulk of your borrowing on 4.24%, a rate which you are unlikely to get elsewhere with recent credit issues.
Once you have improved your credit rating and/or a more lenient lender comes into play you could remortgage both loans into one.
May well not work out competitive for you but without knowing the details it is impossible to say.
Worth having a chat with a broker.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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