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Remortgage with 5 year old default
Slj1602
Posts: 2 Newbie
Hi. My husband and I are stuck on the NRock Together mortgage which is quite damaging in itself to our credit file because it shows as high unsecured borrowing. (Loan & mortgage split).
In 2010 we entered a DMP due to genuine unforeseen circumstances, which one of our creditors did not agree to so we have a Default of £6k (credit card July 2010). All of our debts were settled during 2011 when our circumstances returned to normal.
We have 15% equity. Is it worth us pursuing this or do we have no chance? Would really like to leave NRock ASAP.
Many Thanks
In 2010 we entered a DMP due to genuine unforeseen circumstances, which one of our creditors did not agree to so we have a Default of £6k (credit card July 2010). All of our debts were settled during 2011 when our circumstances returned to normal.
We have 15% equity. Is it worth us pursuing this or do we have no chance? Would really like to leave NRock ASAP.
Many Thanks
0
Comments
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There are 1 or 2 lenders who will consider it, rates will be a little above the high street rates.
Something to bare in mind is that the loan part of the together mortgage will have a higher rate if your mortgage leaves them I believe.
Its worth speaking to a broker as I dont think you will get this through on your own.I am a Mortgage AdviserYou 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.0 -
Thank-u. My ltv is 85% this is loan and mortgage balance together. I intend to shift it all to mortgage0
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Ah, thats not too bad then.
Speak to a broker experienced in adverse - a lot of brokers will kick this out as soon as you mention DMP.I am a Mortgage AdviserYou 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.0
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