Obtaining Fixed Rate Mortgage with Awful Credit Rating

johnd73

Good afternoon, looking for some advice and assistance concerning my on-going quest to obtain a fixed rate interest only mortgage. I am currently with Chelsea Building Society on their standard variable rate mortgage. My credit rating is abysmal due to numerous CCJ’s and Loan companies having gone to court to secure the loan debts on the property. I also have arrears on the mortgage account of £1400.
Chelsea will not entertain moving me to a fixed rate mortgage until the arrears have been cleared and I have made 12 months mortgage payments on time. Looking to get some stability and security to my mortgage payments fixed, as at some point interest rates are going to go up.
Any advice or suggestions greatly appreciated.

libf

Try a broker who deals in adverse, but it doesn't sound hopeful... Definitely need to get the mortgage arrears cleared as a priority before doing even that.

johnd73

Thanks for the reply. That is what I figured re the mortgage arrears. I guess just hoping for another route as it is going to take me a long time to clear the mortgage arrears.

marksoton

johnd73 wrote: »

Good afternoon, looking for some advice and assistance concerning my on-going quest to obtain a fixed rate interest only mortgage. I am currently with Chelsea Building Society on their standard variable rate mortgage. My credit rating is abysmal due to numerous CCJ’s and Loan companies having gone to court to secure the loan debts on the property. I also have arrears on the mortgage account of £1400.
Chelsea will not entertain moving me to a fixed rate mortgage until the arrears have been cleared and I have made 12 months mortgage payments on time. Looking to get some stability and security to my mortgage payments fixed, as at some point interest rates are going to go up.
Any advice or suggestions greatly appreciated.

You've answered your own question. Chuck in the CCJ's and it aint great.

Until you can show some financial stability no lender will offer you competitive rates. High risk=High rates.

Your energies are best spent trying to improve things for the longterm.

David_White

You're unlikely to find a lender that will take you on if you're in arrears I'm afraid.