Re mortgage question ..again!!

Nicolapink

Hi all, rather than resurrecting my old post about a re mortgage I started a new one.

So we've clarified that it's a whole new application for this mortgage, (it's with Santander interest only on a ten year term expires Aug 2017) I had about 2800 of debt and a poor credit rating. I've managed to pay a huge chunk off the debs. They will be gone soon if I can keep this up!

So now it's keep head down and rein in spending and hope my credit rating improves with the debt paid off.

My query is how much do you think I will need for fees for this re mortgage? Is it the same as a new mortgage? I want to try to save to get some money together for this. My plan is to keep head down for a good few months and then look at remortgage when my default drops off and my credit rating is updated with no debt any advice anyone

Thanks for reading any advice appreciated as always xx

[Deleted User]

It depends on whether the mortgage you are going for charges a fee or not, surely?

Nicolapink

Hi, yes you are right. I've been hiding from this be issue I am scared.. Thanks for reply

SavingSteve

Assuming you're after a standard remortgage with a fair bit of equity (circa 70%) you're looking at £1,000 - £1,500 mortgage fees plus solicitors fees and valuation of you're moving providers / changing amount you're borrowing

Old_Git

Nicolapink wrote: »

Hi all, rather than resurrecting my old post about a re mortgage I started a new one.

So we've clarified that it's a whole new application for this mortgage, (it's with Santander interest only on a ten year term expires Aug 2017) I had about 2800 of debt and a poor credit rating. I've managed to pay a huge chunk off the debs. They will be gone soon if I can keep this up!

So now it's keep head down and rein in spending and hope my credit rating improves with the debt paid off.

My query is how much do you think I will need for fees for this re mortgage? Is it the same as a new mortgage? I want to try to save to get some money together for this. My plan is to keep head down for a good few months and then look at remortgage when my default drops off and my credit rating is updated with no debt any advice anyone

Thanks for reading any advice appreciated as always xx

I remortaged with Santander (Via L&C) this week .I got free survey ,free legal ,no fees . You may find interest only is hard to get .

Nicolapink

Thanks for replies. The Mortgage I hope to obtain will be repayment.. I think the best thing for me to do is keep head down and make sure I'm out of my overdraft. Agh stressful!!

Thrugelmir

Once your debts are settled. Nothing to stop you making overpayments on the current mortgage. While letting time heal your credit history.