re mortgage with bad credit history

yully

Hi,
just wondering if anyone can help. We took a mortgage out 8 years ago and over the last few years, mainly due to ill health - which isn't an issue anymore, we've fallen behind on loan and credit card payments. We're upto date on our mortgage but our credit rating is pretty poor. My hubbie has just started a new job and we really want to remortgage to pay off our debts but more specifically convert our loft as we've two kids and need another bedroom. Anybody got any advise e.g. which company would be best to approach etc.
thanks

herbiesjp

It can be done, but it will depend on your whole scenario

Do you have up to date copies of your credit files?

What is the property value?
What is the current mortgage oustanding?
How much extra do you want?

What is the maount of debt that you are looking to clear?

You do realise that depending on your credit file, you may not get the cheapest deal going

yully

cheers,
we know we won't get the cheepest going but at the moment paying our debts are crippling us each month and this seems like the beat route - even with an increased mortgage payment.

We got our house just before the prices shot up for £33 000 and it's now worth about £100 000 but we're not looking at that much increasing to around £60 000 would allow to sort ourselfs out and do the work on the house which needs doing.

herbiesjp

On the loan to value side, it looks fine.

Just need to see if it fits in relation to the the other questions asked above

yully

I don't have an up to date credit file, do I need to get one, I know it won't be great because in the past we have missed payments and had to reduce payments. Overall we're looking to clear around £9 000 worth of debt.

herbiesjp

It will help an adviser see your scenario and be able to place your re-mortgage based on accurate information. Otherwise they could apply for certain deals only to find out that they do not fit criteria due to information on the credit file.

HTH

yully

Thanks, I'll get that sorted.

Cheers for your help.

Mr_helpful

Sometimes things are not as bad as you think. some debts may not even show up so your credit may not be too bad and some high st lenders are quite reasonable with a bit of adverse as long as it is not getting worse

sarkin

We specialise in Bad credit/ problem remortgages what lenders dont like is missed payments as it is their money, but unsecured lending you can get some very good rates. we just secured a remortgage for a client with 3 missed payments in the last 6 months with a rate of 6% fixed for 2 years.