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Interest Rate Hike Fears !
Options
cl0nd0n
Posts: 9 Forumite
I currently have a £147,500 mortgage with HSBC which has just moved from interest only to repayment as my Homestart period has just expired.
The current rate on this is 6.50% and it cannot go above 1% over the BoE base rate.
Unfortuantley I have about £4.5k of arrears at the moment but I am clearing this with an overpayment arrangement. I also have a £10k secured loan against the property.
From looking around the house should be valued at about £169,000 in the current market.
With interest rates still rising I am becoming more and more streched each month but I fear wiht the arrears etc I will not be able to do anything about this like re-mortgage.
Should I be looking around to re-mortgage & find a better rate? Do I have any options considering my arrears, 1 CCJ & 2 Defaults?
Will anyone let me re-mortgage?
The current rate on this is 6.50% and it cannot go above 1% over the BoE base rate.
Unfortuantley I have about £4.5k of arrears at the moment but I am clearing this with an overpayment arrangement. I also have a £10k secured loan against the property.
From looking around the house should be valued at about £169,000 in the current market.
With interest rates still rising I am becoming more and more streched each month but I fear wiht the arrears etc I will not be able to do anything about this like re-mortgage.
Should I be looking around to re-mortgage & find a better rate? Do I have any options considering my arrears, 1 CCJ & 2 Defaults?
Will anyone let me re-mortgage?
Official DFW Nerd Club Member #596 - - - Proud To Be Dealing With My Debts
Debts : [Natwest £4568] [Council Tax £945] [Black Horse £912] [Welcome F £12,314] [Mortgage Arrears £3845] 2007 Goals : 25% reduction in overall debt!NatWest Claim - £6728
07/05/07 - 6 Years Statements recieved
09/05/07 - PreLim Letter Sent
24/05/07 - LBA Sent
25/05/07 - 1st Response from Natwest recieved
14/06/07 - N1 Filed @ County Court
15/06/07 - Claim Issued by County Court
28/06/07 - Acknowledgement of Service from Cobbetts
13/07/07 - Defence recieved from Cobbetts
14/07/07 - Allocation Questionnaire recieved from Court
0
Comments
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Hi !
Have you tried posting an SOA (Statement Of Affairs) in the debt free forum?
To see if your income can sustain the commitment of the mortgage etc etc Maybe there are ways you can increase income and decrease costs etc etc
Good Luck !
Best0
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