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Will I be able to move house?
AmyG123
Posts: 2 Newbie
Hello
Thanks for taking the time to read this, I dont really know what to do.
I have 88k left on my mortgage with YBS and my house is worth 250k. I have had the mortgage for 6 years and have always made my payments on time. However shortly after taking out the mortgage I got into a lot of debt problems (my parents split and my dad left my disabled mum with lots of debt that I tried to take from her to help). I have been on a debt management plan for around 4 years now and always make my payments on time. My debt problems did not impact on my mortgage payments.
I have 6 defaulted accounts on my credit report, there are 3 years until they start to drop off my report. i owe approx 20k.
I am hoping to port my current mortgage to a smaller property (valued around 200k) which would release around 50k. I would like to pay my debt off with that and also reduce the amount of my mortgage.
Do you think, with my adverse credit, i would be able to move? I feel i am taking the right steps by trying to release some funds to get rid of my debt.
please help, i dont know what to do - i dont want to be stuck not being able to move anywhere.
Thanks
Amy
Thanks for taking the time to read this, I dont really know what to do.
I have 88k left on my mortgage with YBS and my house is worth 250k. I have had the mortgage for 6 years and have always made my payments on time. However shortly after taking out the mortgage I got into a lot of debt problems (my parents split and my dad left my disabled mum with lots of debt that I tried to take from her to help). I have been on a debt management plan for around 4 years now and always make my payments on time. My debt problems did not impact on my mortgage payments.
I have 6 defaulted accounts on my credit report, there are 3 years until they start to drop off my report. i owe approx 20k.
I am hoping to port my current mortgage to a smaller property (valued around 200k) which would release around 50k. I would like to pay my debt off with that and also reduce the amount of my mortgage.
Do you think, with my adverse credit, i would be able to move? I feel i am taking the right steps by trying to release some funds to get rid of my debt.
please help, i dont know what to do - i dont want to be stuck not being able to move anywhere.
Thanks
Amy
0
Comments
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Porting will be out of the question with YBS.
There are one or 2 lenders who will consider DMPs (assuming you are paying it off in full with the equity from the house sale. But without doubt you will need a broker on this.
A port is effectively a brand new application - just keep your existing deal.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you. I thought it would be unlikely. Do you think I will be able to keep my existing deal with YBS? Or that they will not be able to help at all?0
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If you stay in your current property you can. If you want to move house (even though you are reducing the mortgage) they are extremely unlikely to allow you to keep it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Are you on the SVR with YBS or some sort of tracker deal ?
4.99% is the SVR and YBS have some great remortgage deals for existing customers !
Think I saw a 5 year offset fix at 3.65% if you have 65% LTV ?0
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