Remortgaging to increase the term?

gabriella90

Hi all,

Will try to make this brief.
im currently 5 months pregnant and going through a dispute with my employer over my contractual maternity pay. There is a high chance it will be not upheld and I will go onto statutory pay. With this looming we want to free up some money so we don't struggle for 6 + months

We both have secure jobs on good salaries but not enough savings to take us through.

We currently have a mortgage with Santander and our 4 yr fixed has just finished in (Nov) we are on a repayment and have around £80000 left on a property of £180000 value approx. which is on a term of 8 years left.

Having normally gone from rate to another this is new terrority as we are not planning on moving or borrowing anymore.

How do banks view this these days? I'm unsure how to approach them with our situation?

Any advice appreciated. TIA

Thrugelmir

Are you currently in a DMP?

Dave_Ham

It is a valid question above, normally remortgaging and increasing term would not be an issue (depending upon age, employment and credit score)

What is your credit file like?

gabriella90

Hi
I'm coming to the end of my dmp and have being trying to repair my file as I go along.
checked credit file and came up as good.
I have no defaults, ccj's or late payments just AP markers.

I've obtained a contract with orange so assuming that's fairly ok??

Any thoughts appreciated
Thanks

Dave_Ham

Unfortunately your assumption is incorrect. Having visible AP's on your file makes things difficult.

Santander will certainly not like your situation.

Would suggest obtaining your credit files from Experian, Equifax and Call Credit and then get them to an experienced broker.

Good luck

gabriella90

Thanks for the feedback Dave, I have checked equifax and it looks horrid, where experian is fine, and call credit need me to send a paper application?? Rbs have placed ap's on an account that is closed has a nil balance etc and was always run well. so unsure on this one.

I have a phone appointment with Santander they have a term extension team to go through budget etc. I'm unsure of credit check performed? Any ideas?

Will my partners good credit score aide the application?

Where is the best place to look for a broker?

Many thanks

Dave_Ham

Have a chat with Santander, as this will be the easiest route. Experience suggests they do not like DMP for new products, although unsure whether this applies to term extension.