Mortgage question.

Jonno118

I need to release funds for some home improvements.I own home outright but do not have great credit history. Would I get one without any problems?

thanks for help.

opinions4u

What, precisely, makes up your poor credit history?

kingstreet

Difficult to say, based on such scant information. "No problem" may be a little optimistic

You are looking for a remortgage of an unencumbered property.

Some lenders will accept a few minor indiscretions, if the loan to value is smaller.

Others will accept more serious adverse credit, perhaps a default or a court judgment, as long as it's become historic and satisfied.

Finally, multiple adverse which is recent will probably mean an off-High Street specialist and a higher rate.

Debt management, IVA or very recent bankruptcy may cause you serious issues.

A broker is probably your best first port of call with copies of all three of your credit files. If you intend to use the money for other than home improvements, state the true reason. Don't be tempted to lie about the purpose of the money.

Jonno118

opinions4u wrote: »

What, precisely, makes up your poor credit history?

A couple of late payments nothing big.

kingstreet

Should be straightforward then.

Thrugelmir

Jonno118 wrote: »

A couple of late payments nothing big.

The debt owed not just the late payments will be taken into account.