Re-Mortgages with defaults - current likelyhood

Jason_Bourne_2

Hi,

I'm looking for advice and any personal experience of re-mortgaging with defaults.

I have around 13k in outstanding debts with 7 defaults which I'm paying back via payplan debt management.
I'm in a very secure job with a decent wage.

My mortgage currently stands at £70,500 with a perfect payment history. My home is valued at approx £120,000.

I would like to remortgage to settle my defaults. Is there any way this is achievable?

Some will wonder why I want to secure this debt against my home?
Simple answer is I see this as the fastest way to clear my defaults to a house move, which would require further borrowing in the future.

Payplan financial services want to have a chat with me as they reckon they can help but I really would be surprised if it can be done even with my equity???

Sorry if this should be in debt wannabe, wasn't sure if this was the right forum.

Thanks in advance.

GMS

When were the defaults and for how much?

Who is your current lender and what rate?

ACG

With a payment plan in place its going to be very difficult.

Thats not to say its impossible the rates would not be great - i would imagine between 5-7% with set up fees of around £3k - thats more of a ball park figure it could be more or less than that but i wouldnt expect to be less.

Jason_Bourne_2

Defaults range from £700-£4000, dates 2010- June 2012

Currently with Halifax, rate is fixed at approx 3.59%? (Need to double check that).

Thanks or the reply.

Jason_Bourne_2

ACG wrote: »

With a payment plan in place its going to be very difficult.

Thats not to say its impossible the rates would not be great - i would imagine between 5-7% with set up fees of around £3k - thats more of a ball park figure it could be more or less than that but i wouldnt expect to be less.

Would you think I would be as well increasing my payments and try pay off outstanding unsecured debts quicker?

Wait a couple of years and hope I'm in a position to get a more competitive rate?

Thanks for reply.

GMS

List the defaults and dates.

How much do you need to repay them all?

ACG

I would personally get my reports and sit down with a broker.
See what they can find you, then compare it to as things currently stand and you can then decide what is best.

Jason_Bourne_2

GMS wrote: »

List the defaults and dates.

How much do you need to repay them all?

June 2011 default £746
Feb 2011 default £4837
Jan 2011 default £1257
Feb 2011 default £4320
Aug 2010 default £4333
Aug 2011 default £4038
June 2012 default £1502


I haven't ask for settlement figures but amount outstanding today is £13,800