Please Help With My Re-Mortgage

Knighttrader

Thank you for taking the time to read my post, I appreciate it very much.

I have always admired the MSE Forum and have been lurking here for a while, I have finally plucked up the courage to ask for some guidance/help.

I have a mortgage with Santander for £136,535.33 and I am paying Interest Only of £539.31 Per month, I am on the SVR of 4.79% and I have only made only interest payments for the last 10 years (Very Stupid).

I have savings of approximately £37,000 of which £8,000 is earning 4% AER fixed for two years with Islamic Bank of Britain, £6500 is in bank deposit account with Islamic Bank of Britain and the remainder is in premium bond (Not Won Anything Yet)

I am also ashamed to admit that I have a bed credit history and I am currently on a debt management plan with the consumer credit counselling service (STEP previously CCCS).

I have been self employed for the last 6 months after I lost my job and I am a freelance content writer on the internet, I earn between £1800 to £2000 per month depending on what contracts I choose to take on.

I was hoping someone could advise me on the following questions:

1. I want a better deal for my mortgage payments, should I remortgage and what is the best provider for people with bad credit?

2. What can I do to pay this off quicker, are there any tips or examples of people who have really paid their mortgage off quickly. (I guess I need some inspiration)

I would appreciate any advice you could offer and I want to thank everyone is advance. Thank You.

Let_Us_See

On a debt management plan with such large saving balances??? Tell me more?

Crashandburn

The bad credit history and the fact you have been freelancing since Sept would seem to say contact Santander for their client retention products.

As an existing client, they could offer you an option to reduce your payments but I know they haven't been that generous on retaining certain client profiles recently.

How much is the property worth?

Dave_Ham

Sorry, I am always keen to help out where possible and certainly not judge although sometimes things just shock me.

You are on a DMP and therefore not kept up with agreed payments and have £37,000 in savings?

Not sure I will help with inspiration although can confirm you will not get a mortgage on a better rate and incredibly unlikely to get one on interest only.

Love the fact that you want to pay off your mortgage quicker, although clearly not as concerned about the unsecured debt

Knighttrader

Let_Us_See wrote: »

On a debt management plan with such large saving balances??? Tell me more?

Most/All of the savings belong to me wife, she is not registered on the property but she contributes towards the mortgage. I sorry I should have clarified this. She has said that I could use this if I want to responsibly which is why I listed this.

Knighttrader

Dave_Ham wrote: »

Sorry, I am always keen to help out where possible and certainly not judge although sometimes things just shock me.

You are on a DMP and therefore not kept up with agreed payments and have £37,000 in savings?

Not sure I will help with inspiration although can confirm you will not get a mortgage on a better rate and incredibly unlikely to get one on interest only.

Love the fact that you want to pay off your mortgage quicker, although clearly not as concerned about the unsecured debt

I should have clarified this but the savings belong to my wife, she has offered to help me with the money.

I guess I want to clear my mortgage because I'm afraid of losing my home, after being made unemployed I feel like I really need to do this. I am concerned about my other debt but I guess your right, I'm not as concerned towards my unsecured debt (Not sure if that makes me a bad person - I suppose it does)

Knighttrader

Crashandburn wrote: »

The bad credit history and the fact you have been freelancing since Sept would seem to say contact Santander for their client retention products.

As an existing client, they could offer you an option to reduce your payments but I know they haven't been that generous on retaining certain client profiles recently.

How much is the property worth?

I've contacted Santander who have stated that I am not eligible for any new rates and can only remain on SVR ( I have emailed the CEO of Santander Ana Botin to ask why I'm not eligible and what I could do to be eligible for a better rate)

The property was valued a couple on month ago at £250,000 which is one positive.

Knighttrader

Can anyone help? Please...

Simon_gloster

It's the interest only they don't want. This application is riddled with more negatives than positives for a new lender. I'll wager you'll be with abbey this time next year.

Knighttrader

Simon_gloster wrote: »

It's the interest only they don't want. This application is riddled with more negatives than positives for a new lender. I'll wager you'll be with abbey this time next year.

Not sure what you meant when you said I'll be with Abbey this time next year?

Simon_gloster

Santander.