Can we remortgage?

Swish1

Hi, im new to posting in the forum, but would appreciate any help.

Long story short, my partner was made redundant 2yrs ago, got another job paying half the salary he had been on before redundancy. As a result we defaulted on loans, credit cards etc - we have NEVER defaulted/late payment on mortgage, council tax, utilities - the important stuff. We have stayed regularly in touch with creditors making nominal payments against our debts and have never defaulted on these either. Therefore, despite our very best intentions, we have a poor credit history. Does anyone know whether there would be any possibility of us remortgaging our house to try and get a better deal? Or would it be worth asking our current mortgage co for our debts to b added to the mortgage? We can only afford such a small sum towards debt each month that i fear we will be paying it off for next 20+ yrs and havin no 'life' in the meantime

Any help/advice greatly appreciated

Thrugelmir

Swish1 wrote: »

We can only afford such a small sum towards debt each month that i fear we will be paying it off for next 20+ yrs and havin no 'life' in the meantime

Lenders will assess affordability at 7% interest rates. So if you are struggling to make inroads into your debts now. The likelihood is that it isn't going to get any easier. It's not easy to get off the hamster wheel of debt repayments without taking tough personal decisions. .

Jhoney_2

Hi there and welcome!

You haven't provided any of the financial details to enable those who can, to assist. How much debt? House value? and mortgage amount? are the basics.They will be along soon.

On a generic note, also read the posts and threads on this site regarding becoming debt free and there you will find support and motivation to get you into a financially better position. It can be done!

If there is any equity in the property , you may be able to get a better rate from your current lender, but the loans/debts will need to be managed asap and perhaps separately (and preferably before)from your mortgage provider contact.

Good luck

kingstreet

The debt management plan, or arrangement to pay markers will almost certainly mean there is little chance of a remortgage to a new lender or additional borrowing from your existing lender.

You may be able to obtain a customer retention product from your existing lender to reduce the rate of your current mortgage. These are often free of further income or status checks.

Check your lender website for products for existing customers not moving home, or call them instead.