Worth looking for a new deal with unsatisfied recent defaults?

ferry

I think I already know the answer but would like some direction in terms of time frames,we have defaults, all recent, had mortgage arrears but these have now been cleared 6 months ago.
Currently with Santander but on their SVR of 4.74 but would really like to better this.

I understand we're never going to attract the best rates but is it worth approaching Santander for any options now or wait?

We have around 30% LTV but it seems that counts for nothing these days.

Thanks as always
F

HappyMJ

ferry wrote: »

I think I already know the answer but would like some direction in terms of time frames,we have defaults, all recent, had mortgage arrears but these have now been cleared 6 months ago.
Currently with Santander but on their SVR of 4.74 but would really like to better this.

I understand we're never going to attract the best rates but is it worth approaching Santander for any options now or wait?

We have around 30% LTV but it seems that counts for nothing these days.

Thanks as always
F

The defaults will have less of an effect with age.

You can approach a broker who will look at the age of your defaults and match you with a lender who can give you a good rate for your circumstances.

My bet is they'll be able to find you a decent fixed rate over a few years at less than 4.74% even taking the fees into account.

Once the defaults have completely dropped off your credit file then I'd look at remortgaging again onto a better rate more suited to your circumstances at the time.

The 30% equity you have is good. That does count for something. You will get much lower rates than if you only had 10% equity.

ferry

Thank you thats encouraging

May I ask how I would go about seeking a broker that will best fit my needs in the circumstances?

Thank you

amnblog

Default and arrears mean approaching Santander for a new rate is probably your only sensible option.


Be sure to just get the details on products available to you. You don't want to get into a conversation about your situation which leads to advice and then underwriting.


The surest route is to pay a broker to manage things for you.

Fawun

Error! Wrong thread!

Thrugelmir

ferry wrote: »

We have around 30% LTV but it seems that counts for nothing these days.

If it wasn't your financial difficulties i.e. mortgage arrears it would. Also what other debts you currently owe will make a difference.