Should I have any problems getting a mortgage - next year

letmefree

I have a £70,000 interest only mortgage which is due next September.
I also have £20,000 additional repayment mortgage which has another 10 years to run. Both are trackers so very low interest rates.

I currently have around £26,000 in debts but hope to reduce it to below £10,000 this time next year.
I have about 8 missed payments on various cards\loan which are late payments - missed 1 month 8 times. By this time next year 5 will have disappeared as over 6 years old, leaving 3.

The house is worth around £150,000 and my wife and I have a joint income of about £65,000.

My question is will I have any problem at all next year in remortgaging the £70,000? Also when should I start trying to get the new mortgage - 1 month before?

I am hoping because I will only need about 50% of the house price and good salaries it won't be a problem, but my credit rating has always been bad so I was wondering what others thought.

Many thanks for reading.

zain8500

No, you have not any problem to take a loan for the next year.

Angry_Bear

Have reported previous post as spam as it looks like the poster is just trying to build up post count to post links.

To the OP: I wouldn't have thought you'd have any problems from what you say, but that will of course depend on your outgoings, ages, whether you're looking at interest only again etc. Hopefully one of the more knowledgeable guys will be along to give you more informed advice

letmefree

Anyone else able to offer any reassurance

Made a mistake, good one, and joint salary is actually around £75.

How closely will I be scrutinised by the building society when we apply? Does it sound like it should be fairly straight forward?

Missing 3 payments, but repaying next month are these seen as just as bad as other defaults?

Just like to know for my peace of mind.

Most of my problems in the past have been because of gambling, will they ask about this? Probably no way they would know this as deposits come from my credit cards so how would they know they weren't normal spending?

Thrugelmir

You've a year to improve your situation. Bringing down your unsecured debt will help to paint a far better picture.

Kirstyb1987

What are your missed payments for may I ask? With a good income of £75k per annum between you and your wife why were these payments late?

letmefree

Kirstyb1987 wrote: »

What are your missed payments for may I ask? With a good income of £75k per annum between you and your wife why were these payments late?

Because I am a bad person

No seriously, I always spent to my limit and was very bad with money and monitoring my current account. I went overdrawn and so my bank declined the payments. I then paid the late payment the next month when I realised. No excuses I know.
My wife has a great credit record.

I have got better which is why the defaults are coming off, but there will be 3 left.

letmefree

Thrugelmir wrote: »

You've a year to improve your situation. Bringing down your unsecured debt will help to paint a far better picture.

That's why I paint the picture of a year down the line - 10k unsecured debts and 3 late payments.
If it was now it would be £24k unsecured debts and 8 late payments.

letmefree

So taking the above into account should it be easy to get approved?