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Change to Fixed Mortgage (Bad Credit History)
thelittleman
Posts: 3 Newbie
Hi
If some one has a bad credit history, and am on a variable mortgage which they just about afford, is it best to change to a Fixed rate mortgage, as if mortgage rates go up, they will be unable to pay the mortgage? Whats your thoughts on Who to go to, setup charges and what deals he should go for?
If some one has a bad credit history, and am on a variable mortgage which they just about afford, is it best to change to a Fixed rate mortgage, as if mortgage rates go up, they will be unable to pay the mortgage? Whats your thoughts on Who to go to, setup charges and what deals he should go for?
0
Comments
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Will the current lender offer a fixed rate?
How bad a credit history?
Defaults, CCJ's, IVA, bankruptcy? How much and when? Satisfied?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 -
Hi. Defaults & CCJ's. How can I get a report on why his credit history is so bad which I can then respond to your question? I know he got a debt consolidation company involved who organised some re-payments for him for money he owes etc.0
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He will have to apply for the statutory reports from the 3 credit reference agencies; you can't do it on his behalf.
Existing lenders tend not to re-credit check their customers for a product transfer so it might be worth considering.0
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