remortgage help

tanz23

Hi guys

Im new to this site soo here goes..

Ive currently got a interest only mortgage with TMB, and I am looking to remortgage. As TMB are now not taking in applications as they have now been taken over they cannot offer me further borrowings.

Currently I have a £75000 mortgage on a property that is valued at £225000
Ive been looking at remortgaging with halifax but I think they will turn me down as my credit file has a default from Santander which was 2 years ago for (£100)

Ive also got a loan for £4850 I earn just over £20000

My experian report says fair but exuifax says poor

Do i have any hope of remortgaging with anyone let alone halifax??

Let_Us_See

Need additional info to help.

Is the £100 Santander default the only reason for a poor and fair credit report and was it satisfied two years ago? What is the background to default? What is the cost per month of your loan?

tanz23

I believe so.... as over I year ago I was beindbon payments but now ive managed to sort then all out now and notbhave any missed payments in the last year backroind was I had a over draft which I cancelled which I forgot I cancelled and itbhad a outstanding balance only realised afterbthey sent me a letter your account is now defaulted.....

It was 2 years ago...

Thrugelmir

Are you looking to remortgage to obtain a further advance? If so how much and for what purpose.

If so you may struggle to obtain an interest only mortgage. As fewer lenders now offer them. Can you afford to switch to a repayment mortgage?

What rate of interest are you currently paying?

Dave_Ham

Hi there,

Given your equity, there is likely to be a solution. What is your motivation though as I would imagine you are on a current low standard variable rate and you are unlikely to achieve interest only.

Crashandburn

Dave_Ham wrote: »

What is your motivation though as I would imagine you are on a current low standard variable rate and you are unlikely to achieve interest only.

TMB is 4.95% as they never really linked to any low lifetime tracker deals.

You will be able to trim something off the rate but setting up a new deal vs charges on a £75k mortgage might outweigh the benefits. As others have said, is it just a default on the file or are there other items showing such as a build up of late payment?

Dave_Ham

I have seen lower TMB goto rates, not sure on the details without being in the office though..

So OP, firstly clarify your SVR and worth elaborating on your motivation for the change; rate savings or additional borrowing needs..

tanz23

The default is the only thing which is making my score look rubbish at the moment....

The reason for this is I am looking to free up some equity to buy a property abroad? ?

Any recommendations on which company would be then best at helpinge with a remortgage I hear halifax accept 8 out of 10 applications?

Dave_Ham

That is about as strong as my mate down the pub told me to go to x bank, as their systems are different.

I would suggest you engage a broker and if Halifax is suitable once the details have been assessed then that will be their recommendation.

Suggest you go armed with your Experian, Equifax and Call Credit reports also...

Good luck

Let_Us_See

Current £75,000 mortgage and you are looking to release equity to purchase a property abroad, and an additional loan and all on £20,000 income. Not sure that this is a viable proposition.