The truth is out & re-mortgage

FinallyDebtfree2017

I have been this forum for ages, but never really opened up. Nevertheless it has given me a lot of support.

Why open up now? I have been in debt for over 12yrs to varying degrees, but like most have nothing to show for it.

So finally told my husband how much debt I'm in, he was shocked, but very supportive.

I owe a lot of money, but have been properly tackling it since December and already managed to pay off over £10k. I have never missed a payment and try to pay my CC when they come off 0% (sometimes moving it to different card) since I have been in debt.

i would have never told my husband unless we needed to re-mortgage, he asked me outright and I told him, he knows I have always been in debt, but never how much. TBH I don't feel relieved, I feel anxious.

So here is my question, we are about to re-mortgage with our current supplier, they are asking again for ALL the information again, all outgoings, payslip, life insurance etc... WHY?
Does anyone know whether they are still going to run a credit check (I checked mine and it is good, better then average)? Are we going to get a worse rate because of my debt?

Any advice would be much appreciated, thank you so so mych

zenshi

The rules and regs and affordability checks now are different to years back. I have however just re mortgaged with my current lender to a better rate than I was on. I'm in circa 20k debt and self employed

Sometimes you just have to play along to get what you want. My outgoing and income weren't much different than before but still had to provide income evidence.

Don't worry, you should be fine

FinallyDebtfree2017

thanks so much for your quick reply zenshi

I spent about 37% of my base salary on debt....

Thank you, but I think I be worried until the day we have the meeting, I don't want to lose the house, but we have never missed a mortgage payment and it is high.

zenshi

I had missed two mortgage payments but had cleared them before I remortgaged

andyfromotley

I assume that you are borrowing more on your mortgage rather than just switching product? Many dont do any checks if you are switching product with no addditional borrowing.

If you are borrowing more then you will have to go through the whole affordabilty rigmarole. But really they arent theyre to sit in judgement on you just to go through the numbers. You will be ok or you wont, not an awful lot you can do about that. They will at least give you an idea if you dont make it of by how much and which areas are causing them concern.

It may be well worth going to see an independent broker and see what other options the market holds for you.

Try not to worry. you obviously are cracking on with getting rid of your debt so this position will only be temporary. Glad to hear that your hubby is being supportive.

FinallyDebtfree2017

Thank you zenshi for your reassurance!

FinallyDebtfree2017

Andy thank you for advice

We are not borrowing more, our current mortgage deal has come to an end.

why would they be asking for all this detail upfront then if we aren't asking for more money

I thought it would be safest to stay with current provider due to my debts , as new provider would be asking for all the detail?

thank you

hcb42

if you are just switching products, with same lender you should be ok? We have done that a couple of times with same lender. I don't tend to want to look around as our mortgage is relatively low LTV and under 9 years to run.

FinallyDebtfree2017

thank you hcb42

Did they usually ask you a lot of questions, what sort of information do they need to know?

Upsidedown_Bear

Might be worth asking this on the Mortgage and Endowments board here:
http://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=15

A number of mortgage brokers post there and they might be able to answer your questions

FinallyDebtfree2017

Thank you very much upside down, great idea, I will try this