Remortgage-bad credit

angelstar11970

Hi Guys
hope someone can help or give advice.
My mortgage is with Acenden for 41k and I pay 320 a month
I have a secured loan on the property for 27k and I pay 450 per month (this has arrears on which im paying 50 a month back)...on my Noddle report this shows as a late payment


I have defaults on my Noddle report totalling up to £1200.
I earn 15k per year and get a monthly commission which totals up to £4200.

I know my credit isn't fab, but I just want to reduce my monthly mortgage and secured loan bills.
no one will touch me...any help or advice..
just want to remortage and be paying less than £770 a month

any help or advice please..

ACG

How much is the property worth?

Because you are still in arrears on a secured loan this will be pretty difficult chances are its not going to be beneficial but you never know.

angelstar11970

My property is worth 108,000
all I want to do is consolidate the secured loan and mortgage and pay less.

ACG

I think it might be slightly out of any lenders reach.

Im assuming the answer to this will be no, but is clearing the arrears an option?

I dont mean this in a nasty way but why would any lender want to lend you the money when they could lend someone else the same money and pose less of a risk.

angelstar11970

so with 40k in my house no one will lend me because of a few defaults and 2 late payments.

ACG

Its not 2 late payments as such, you are in arrears on a secured loan.

Arrears on a secured loans means (in the eyes of a lender) things have got pretty bad as you are risking losing your home. Added to that the defaults then yes that is causing a problem.

The only lender i know of who would consider this would want to see the arrears cleared for 3 months as a minimum.