Broker advised cannot get mortgage

Thrugelmir

IWillBeFree wrote: »

Thanks Thrugelmir. Clearly not influenced in a positive enough manner.

Simply repaying the minimum on a credit card every month will result in a repayment period approaching 20-40 years depending on the interest rate charged. Hence the negative connotation.

csgohan4

That's a lot of debt and the fact it's over three cards, you probably been shifting it using the 0% transfer deals.


That doesn't bode well for the lenders. Also as the above mentioned, paying only the minimum is a ticking time bomb, rather expensive one.


Sort your debt out as a mortgage will put a larger dent into your monthly outgoings.


Also you mentioned the LTV 68%, does that mean you have a sizeable deposit or are you incorrectly calculating your not using the full 4.5x salary amount?

IWillBeFree

Hi there

This is a remortgage, thanks.

waveneygnome

What rate are you on now?

What will it move up to?

Presumably you are on repayment mortgage?

IWillBeFree

Hi waveneygnome

I'm on 3.99%

I will be going on 5.1%

Yes, repayment mortgage.

Thank you

IWillBeFree

I appreciate everyone's input and can see the best option for me at present is to keep reducing my debt, which I am.

In terms of my other question, would anyone have any suggestions please?

Should I wait until the default falls off my file in April 2016 before applying again? Or should I apply again at some point between now and then, and if so, when? I don't wish to keep applying as I am sure that won't look good but at the same time, it would be helpful to know how long I should leave it before I approach the same or another broker.

Many thanks

IWillBeFree

Any suggestions please?

kingstreet

As already suggested;-

kingstreet wrote: »

I'd say waiting until the card balance has fallen off your credit file will help and no, a single default registered in April 2010 shouldn't be a deal-breaker.