re-mortgage?

reecos

Hello There

Wondered if anyone could help me with this one?

We need to make a few home improvements, we currently have about 60k of equity in the house.

We also have a number of defaults on credit cards that have mounted up over the last couple of years that have adversely affected our credit rating.

We have never missed any mortgage payments.

How likely is it that we would be able to re-mortgage with a new/existing lender in order to release some of that equity? Would our poor credit rating really hold us back or would the fact that we have so much equity and a good record of re-paying 'trump' that?

Thanks in advance

reecos

sorry

also, if I apply to re-mortgage with my existing lender and they dont like the look of my credit rating could they do anything about it?

Dave_Ham

If you speak to your existing lender on a like for like basis, they will not credit search you again. If one of the defaults is with them, this may be an issue depending upon which bank it is.

If you want to raise finance and from your post you do, they will entirely re-assess you including a credit search.

So, first what rate are you on currently - assume this is their Standard Variable Rate (SVR)

Additionally, when were the defaults registered, how much and are they repaid?

Worthwhile you getting your Experian, Equifax and Call Credit reports..

All the best