Re mortgage after bk

vally46

Hi, my partner and I are both discharged from march 2011, I have a job at around 35 45 k per annum and have a mortgage for approximate 120k @ 4.78% . Do you think we could re-mortgage to a better rate or should I keep quiet and thank my lucky stars I still have a mortgage ??? Any help gratefully received.

Annisele

I think the rate you've already got is a pretty good one in the circumstances.

Some brokers will be along soon, but to help them out - approximately how much is your house worth?

If it's worth £100k and you're trying to borrow £120k, that's just not possible - regardless of the bankruptcy. If it's worth £360k you might have more options, but I still think 4.78% will turn out to be a decent rate.

vally46

I bought at the end of the boom but approx 130 now

Senior_Paper_Monitor

Not a chance of remortgaging, let alone to a better rate.

Annisele

vally46 wrote: »

I bought at the end of the boom but approx 130 now

OK, so you'd be wanting a 95% LTV mortgage (because your debt is more than 90% of the value of your house). They're difficult to get with any adverse credit history at all - even with things like missed payments. I'm afraid a recent bankruptcy is going to put remortgaging out of reach.

It's *possible* you could get a different rate with your existing lender. Is your current rate a fix, or variable? And when is it due to end?

Senior_Paper_Monitor

Fair point from Annisele - just possible if you are with one of a couple of lenders that you might get a slight improvement (and certainly no harm in asking your current lender what they can no).

Outside of that I stick by my initial comment I'm afraid.

vally46

Guys thanks ever so for your replys, I'm with northern rock or whatever they call them now, I was going to phone them to enquire about a better rate with them but I'm very concerned that by phoning I may draw un wanted attention to myself ???

Senior_Paper_Monitor

They were not one of the two I thought might do it !

Doesn't matter about asking though - they can't tell you to 'go away' as long as you are, and keep, up to date.

kingstreet

Virgin Money or NRAM?

vally46

Nram is my provider, I will give them a call to ask if that's the best rate I can get, I have never missed a payment in the 8 or so years I have had mortgages with them but I have changed jobs a few months ago.

kingstreet

NRAM has no new products, you are stuck on SVR, 4.79%, or the loyalty rate after seven years, if your original product offered it.