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need a new mortgage
swedishchefcook
Posts: 2 Newbie
Hello
I need advice, i lost a well paid a year ago through no fault of my own and my credit cards and loan went into arrears, rather than let them go into default i contacted the CCCS who have been great and i pay so much per month to repay the debts, problem is the amount i am now paying it will take me 12 years to pay back.
The main reason i need advice is that i was sold a terrible mortgage by a terrible mortgage advisor, on a 120,000 interest only mortgage i am paying 843.00 per month, my house is worth 170,000 and i am now in a good well paid job but all the peolple i ask about getting a mortgage ( Banks and the likes) they say they will not touch me, without even hearing me out.
I want to remortgage, pay off my debts and get out of this mortgage i am in to a repayment mortgage, another question is should i wait till the redemption period is up or pay the £5000 redemption fee, i am pulling my hair out.
Thank you
I need advice, i lost a well paid a year ago through no fault of my own and my credit cards and loan went into arrears, rather than let them go into default i contacted the CCCS who have been great and i pay so much per month to repay the debts, problem is the amount i am now paying it will take me 12 years to pay back.
The main reason i need advice is that i was sold a terrible mortgage by a terrible mortgage advisor, on a 120,000 interest only mortgage i am paying 843.00 per month, my house is worth 170,000 and i am now in a good well paid job but all the peolple i ask about getting a mortgage ( Banks and the likes) they say they will not touch me, without even hearing me out.
I want to remortgage, pay off my debts and get out of this mortgage i am in to a repayment mortgage, another question is should i wait till the redemption period is up or pay the £5000 redemption fee, i am pulling my hair out.
Thank you
0
Comments
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Welcome to the board
It is good to see you have addressed the problems and are now looking to improve your situation.
The bottom line is it will depend on your current credit history - have you got up to date copy of your credit file from Equifax or Experian?
YOu will be able to get a mortgage, but how much and what rate will depend greatly on your income and how a lender will assess your credit file.
Who is your current lender? What rate are you paying?
Have you had any credit searches doen by any banks?
When does the redemption period finish?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 -
Thank you Herbie
My current lender is GMAC and the rate i'm on at the moment is just under 8% i cant find a letter with the exact figure on it sorry, no i haven't had any searches done as i asked what the chances were before i even went down that road i know every search is noted on your credit history, the redemtion period finishes August 2008 when i would have to pay an early repayment charge of 1 month, if it were to finish earlier than that i would have to pay 4% of the outstanding balance.
Thanks0
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