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Re-mtg now or wait until ccj drops off?
mrskingandthescarecrow
Posts: 105 Forumite
Hi everyone, I hope someone could give me a bit of advice?
We currently have an interest only mortgage with NRAM, who have recently increased their SVR to 4.79. We do overpay each month so the balance is reducing slightly.
I was thinking about re-mortgaging to a fixed rate deal on a repayment mortgage to save some money on interest payments. However, we have a CCJ for an old loan which should drop off our credit file in Jan 2016.
All our over credit agreements are up to date.
Do you think I should wait until next year to re-mortgage when the CCJ has gone and our overall debts are lower or do you think it would be possible to re-mortgage to a better interest rate now?
We currently have an interest only mortgage with NRAM, who have recently increased their SVR to 4.79. We do overpay each month so the balance is reducing slightly.
I was thinking about re-mortgaging to a fixed rate deal on a repayment mortgage to save some money on interest payments. However, we have a CCJ for an old loan which should drop off our credit file in Jan 2016.
All our over credit agreements are up to date.
Do you think I should wait until next year to re-mortgage when the CCJ has gone and our overall debts are lower or do you think it would be possible to re-mortgage to a better interest rate now?
Debt in 2008 - £97,417 :j*DEBT FREE - SEPTEMBER 2016*:j
#107 - Save £12k in 2017 Challenge - £2,315.22/12000
HOUSE DEPOSIT - £6,499.76/20,000
#107 - Save £12k in 2017 Challenge - £2,315.22/12000
HOUSE DEPOSIT - £6,499.76/20,000
0
Comments
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It'll depend on the size of the CCJ, if it's satisfied, the loan to value and the affordability of the case.
We can't answer from the scant information provided.
Obtaining all three of your credit files and going through a factfind with a broker would be your best bet.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
ok, thanksDebt in 2008 - £97,417 :j*DEBT FREE - SEPTEMBER 2016*:j
#107 - Save £12k in 2017 Challenge - £2,315.22/12000
HOUSE DEPOSIT - £6,499.76/20,0000
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