Maybe a long shot

sjcjd

Hi all,

I have a mortgage with my current building society (Britannia) who have been so good in the last two years when I had financial difficulties, and were very far behind in payments and they didnt repossess, even though I did have a few theatening letters, but I kept in touch after speaking to the CAB.

I have been ontop and infront now for over a year. I had six other debts at the time, which I still have but have agreements with every one of them and have not defaulted on these.

I have a mortgage of approx £45k on a approx £130k property (going off same in street), so I asked for £30k to clear my debts, (about 8k) have a loft conversion done - due to having 3 kids in 1 room, and get a new roof whilst they were going be up there anyway if funds allowed. We just need the extra space and like where we live!!!

I asked if they would help me and let me remortgage that extra £30k, the answer was a clear, get rid of your debts and of course you can, and to make things worse he told me I would save £50 a month if i just changed mortgage for the same mortgage I already have!!!:eek:

Can someone advise, should I try elsewhere or will my bad credits affect me?

Long shot I know.. thanks in advance.

SJ

herbiesjp

YOu will need to get up to date copies of your credit files from Equifax or Experian.

I would then suggest speaking to a whole of market adviser and let them do the leg work for you. Depending on what is on your credit file in relation to the missed mortgage payments and arrangements with the other creditors they will then be in a good position to research deals that would be good for you

What caused you to get in the credit problems in the first place?

YOur first port of call should be your current lender, but whetehr or not you go with them will depend on what they offer you. You say they would only agree the mortgage if you get rid of your debts, but that is what you want to do anyway isn't it?

Have they done a credit search against you? If not, whilst they may agree verbally based on the figures, when they do a credit search they may decline based on the adverse credit

HTH

MortgageMamma

Hi There

Not overly familiar with Britannia's policy on arrears and remortgaging as I've only ever given them a couple of cases but I do tend to agree with what Herbiesjp is saying - if Britannia wont do it there are plenty of others that will

So lets me get this right, you want to pay off your debts, convert the loft and put a new roof on? I dont know how much your debts are but do you think 30k is sufficient? Have you had quotes for the loft work and the new roof? very importantly have you applied for planning consent?

herbiesjp

YOu don't always need planning consent for loft conversions if it is done under permitted devleopment

MortgageMamma

Always best to check though - particularly if the work is going to be done largely by the owner as it will be a childs bedroom

herbiesjp

Indeed - its important for any room - I wouldnt want a roof falling on my head lol :rotfl:

What I was trying to say, was that full planning permission (and therefore the costs of full planning permission) is not always needed. It depends on whether your house has already been extended, and how extra cubic meterage you are adding to the loft.

Was looking at the cost angle for the OP - not whether what you said was right or wrong MM

Planning permission or not, the quality of the company you use, will impact on the safety of the conversion - council building control inspectors will verify the work even if built under permitted development, so the OP is safe even without full planning permission as the council will issue a certificate of lawfulness

We digress though

OP - you can get a mortgage for what you want. If your current lender can't do it, then plenty others will assuming your income is enough

HTH

sjcjd

Hi,

Thanks for the advice and responses. When I went to see the advisor he rang an underwriters up, it was they who said to clear the debts off.

I havent asked a builder to come in and quote for the loft conversion yet, as I dont want to waste anyones time if I cant borrow the money in the first place.

I work for a roofing company, so the roof will be done to a high standard but wont cost me over the odds. It is my boss who thinks that 20k should cover the cost of a basic conversion with velux not dormer and doing my roof.

I only want to borrow the 30k so I am not going to overstretch my budget, basically i wont be paying too much extra if I get rid of my debts.

I will get my credit report and then if its not too bad, will try a few of the other lenders. I thought going to my current lender was poss the best as being with them for over 10yrs may count on my side. I will just have to watch out for lenders who will bump up the interest rate due to my credit status.

Thanks again.

Sarah

JoeK_3

On the face of it this seems an easy remortgage.

You should get firm quotes in place, advise us of the figures including your existing loan amounts including interest rates and terms of the loans.

An indication of your incomes would be most helpful.

JoeK

sjcjd

omg, sorry, I thought that was the end of my thread. I do apologise.

I will find out my bad debt figures with each creditor over the next week, thanks JoeK. many thanks for that.

I shall ask my boss on Monday to give me a "proper" quote for the roof and ask a couple of loft conversion builders in to give me quotes too and if I need to get planning permission etc.

I just hope that the total doesnt go over the £30k suggested, as I dont want to over stretch myself.

Will sort all this out, and provide annual incomes etc when I get all the figures in.

Thanks again.

Sarah