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remortgage with arrears?
maxmax1
Posts: 2 Newbie
Hello
I am after some advice.
Our house is worth about 230k with our mortgage at 74k but we do have arrears of 2k which are being repaid. We are currently on a variable rate and I am concerned that the rate will increase soon so would prefer a fixed rate.
What are the chances of getting a remortgage given our arrears?
If it's impossible how long do you think we would have to wait?
Thank you for any help.
I am after some advice.
Our house is worth about 230k with our mortgage at 74k but we do have arrears of 2k which are being repaid. We are currently on a variable rate and I am concerned that the rate will increase soon so would prefer a fixed rate.
What are the chances of getting a remortgage given our arrears?
If it's impossible how long do you think we would have to wait?
Thank you for any help.
0
Comments
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With that equity, you will always get a remortgage but the rate will reflect the arrears and therefore probably not one you would want to switch to.
What variable rate are you currently on, are you experiencing other financial arrears (unsecured) and when will your mortgage arrears be up to date or an ongoing problem?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 for replying.
I believe our interest rate is 3.31%
We have a credit card with £1400 on it.
Realistically the arrears will be paid off by the summer.0 -
Get the arrears cleared first and then see what your existing lender can offer you.
If you can clear the CC debt over the next 6 months all the better.0
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