Remortgaging from Precise

Bobbobins

Hi,

I was hoping someone could point us in the right direction. My wife and I recently got a Precise mortgage in July and we are already thinking of trying to get a new mortgage and wondered if it was a possible and a good idea.

Here's some key facts about us:

I have a CCJ that will be 6 years old in January (that was the reason for the precise mortgage.)

I was self employed at the time of getting the mortgage but now I have started a new company.

It was a push to get the 15% deposit together and we had to use credit cards after the move.

We now have 10k of credit card debt.

Our mortgage is for 100k

The house was brought for 119k but we have added a new kitchen so the value should have increase to at around 125k.

What I would really like to do is to just have a standard high street mortgage when the CCJ is removed and go down to a normal interest rate. I'd also like to have no credit card debt and a bigger mortgage of say 110k.

Does anyone have any advice for us? Does anyone know if this kind of thing is possible?

Thanks in advance!

stator

Concentrate on paying down those CCs before you remortgage. They will negatively affect your ability to get a mortgage.

amnblog

I'm sure Precise would love to pocket the £3,000 or so you need to pay them to get out of your deal. Patience may be more appropriate.


You can borrow the extra £10,000 to replace the credit card debt without paying fees to Precise - but this needs careful consideration with a mortgage broker.