End of interest free only term - can you remortgage? No judgement please

uncreative

Chrysanthemum5 wrote: »

Sorry to be thick what's the mortgage principal vs where we are at now.

I'm not savvy with these things I am a PA to priests lol.

They put down 12k on a 137 house and the house is still worth 137. Not gained or lost anything

Thank you

They have three months to sort it actually not two x

Thanks for all being kind I have never panicked so much I have a two year old and future seems bleak if they take to off us and repossess as we can more than afford a repayment mortgage on it. The mortgage is currently 525 but we could pay 800-900 a month on a property so can afford it.

Exactly - the mortgage principal is basically the amount of the capital that was originally borrowed (125k) vs where you are now (137k). You need to have a good broker holding your hand on this one. The right lender selection is key and only an experienced broker will know who is right for you.

Chrysanthemum5

Thank you we are seeing one this week but will do a swperate thread asking if anyone knows a decent one in liverpool

Chrysanthemum5

But the mortgage will still be for 125 as house hadn't moved (well has down and up again).

So can we still use the initial 12k deposit?

uncreative

Chrysanthemum5 wrote: »

But the mortgage will still be for 125 as house hadn't moved (well has down and up again).

So can we still use the initial 12k deposit?

This is the bit you need the specialist advice from the broker for. You are not simply taking over the same mortgage as it is currently a BTL mortgage product that has run its course. Further, its a residential mortgage you need, not a BTL. You will be applying for a completely new mortgage on the property, the current mortgage product will be no longer in 3 months time.

Chrysanthemum5

Thank you just spoke to HSBC who were very helpful and they said it would be a case of remortgaging to a different product but can be done as a transfer of product. They basically said it would help that we have 10 years solid payments with them when switching because they see on paper we are good customers but of course because it is a new product it would go through as if applying for a mortgage from scratch but that the fact we had a good mortgage history of payments previously that won't harm even if it doesn't influence the decision if that makes sense

amnblog

Don't rely on HSBC. Use a broker.

Chrysanthemum5

We are not going to at all we will deffo use a broker but nice to know they are open to the option even if it is in theory.

Thanks for all your help.

If anyone ever wants clergy advice or advice on toddlers I can help ������ thanks x

Thrugelmir

On your other thread you mention having £7k of debt.

Best to keep all your questions and facts on the same thread. Then people can answer you in an informed manner.

Chrysanthemum5

Sorry this was a post before we put a plan in place to have that cleared

Thank you

downhillfast

Chrysanthemum5 wrote: »

My husband and I earn enough and have decent enough credit scores to take over the house on a remortgage option as we would actually like to move there.

You really need to see a broker OP, but make sure you give them ALL of the information... I'm a bit confused as to why your own opinion as to your credit worthyness has changed so much in less than a week... if your post below is right then you will be unlikely to get a high street lender to accept you.

Chrysanthemum5 wrote: »

Hi

I have a very poor credit rating.

There is a default which will drop off next June as that's when the 6 years is up.

I was made redundant end of last year so have a few missed or late payments but now I have secured a good job and have paid two cards off and have two left which will be paid off by May next year.

Once regular payments are made how long until I see a difference to each stage? Ie how long to poor to fair etc.

Just a general query really it's not for anything specific.

Thanks