Remortgaging with adverse credit

Dave_Ham

Fair point Kings. although I assumed that the mortgage would be decreased by the equity released?

JimmyTheWig

kingstreet wrote: »

Is that the new property purchase price and new mortgage amount - £194k on £225k or am I misunderstanding?

That's 86% if it is correct. You'd be going from 63% to 86% and it may explain your current lender's reluctance.

I think it's the other way around.
I think they meant that the LTV they had already given (mortgage £194k / property £305k) was for the new property and that the current LTV is mortgage £194k / property £225k.

OP, would it be possible to delay this until the debts are paid?
Without being mean, you haven't always kept your promises to repay debts in the past. So why would they believe that you will have them repaid by the time of completion?
Presumably you hope that completion is only a few months away. If you can repay your debts in a few months then I'd be tempted to do that and then apply for the new mortgage.

deestar

Yes, you have this the right way round. Fair point but I did say I would be happy for them to be settled through the solicitor on completion.

JimmyTheWig

deestar wrote: »

I did say I would be happy for them to be settled through the solicitor on completion.

The trouble with that is it sounds like you are wanting to use mortgage money to pay off unsecured debts. Which they won't like one little bit.

Pott5y

DeeStar

It definately pays to speak to the right broker so speak to Dave directly. His contact details can be found if you click on his name.

He has just got me an Agreement in Principle on a mortgage and I never thought I would be able to get one yet, let alone at the rate. (I had late payments and had been on a DMP until 2 years ago)

Good luck

Pottsy

deestar

Thanks, your input has all been very helpful.

deestar

Just a quick update and hope this helps others...after much discussion and persistence with the Newcastle and a very helpful financial adviser there, they have agreed to move the mortgage to the new property. So pleased.

Dave_Ham

Good effort indeed!!

Nice work