Remortgage with poor credit history

stuart30

This is more of a curious/Thinking out loud/I wonder type post...appreciate its "How long is a piece of string" but the wait to find out is killing me...:j

Ok so we have a mortgage with Landmark Mortgages (Previously NRAM) and they dont offer remortgages or any deals and doubtful they will in near future.


Current situation credit file will improve dramiticly next month im hoping (Joint bankruptcy and bits of bad credit will fall off under the 6 year rule) i will have a couple of satified CCJ"s from several years ago.

Were looking to remortgage current property...mortgage is £103k and fairly recent value of £155k avaerage of three estate agents....which i believe gives us a LTV of 63% ish.

Im assuming with poor history were looking at sub prime lenders and will obviously need the advice/help of a mortgage broker,not sure how the Money side stacks up but were looking to borrow about 20k idealy.

Income for me is around 20k (been with employer PAYE since 12/2015 and Self employed since 4/2013 earning upto PAYE employment were similar) and wife if you include the PAYE/tax credits and Child beniefit (assumed these are allowed...pls correct me if wrong) income equals about 14k a year.

I believe the % with Landmark is 4.78 and were currently intrest only..happy to continue with intrest only or repayment.

So income roughly 34k joint and mortagage of 103k with average value of 155k looking for remortgage with 20k added.

Whats peoples thoughts...not a cat in hells chance or reasonable chance of being accepted.

No major debt and outgoings are just Mortgage at £410 and shopping/council tax/water/fuel etc...normal daily living stuff No HP or loans.

Thrugelmir

stuart30 wrote: »

Ok so we have a mortgage with Landmark Mortgages (Previously NRAM) and they dont offer remortgages or any deals and doubtful they will in near future.

They'll run the mortgage books off to maturity. No new business.

You could always overpay your existing mortgage while allowing time to heal your credit record.

stuart30

Thrugelmir wrote: »

They'll run the mortgage books off to maturity. No new business.

You could always overpay your existing mortgage while allowing time to heal your credit record.

We could...but we have plans that involve a minimum of 10k but realistcly 20k would see a project started and finished in one go rather than drip feeding it.


I guess regards letting credit file heal is another how long is enough...12/24/36 months.

Like i said its just curiousity killing me....just cant wait for a few weeks whgen credit file improves,i know the credit score numbers mean nothing but if they suddenly improve im guessing the "credit search" would come back more postively.

Hollygoheavily

Accord mortgages disregard bankruptcies that are more than 3 years post discharge. They have good deals for LTV 65% .... (as of last week anyway)

stuart30

Hollygoheavily wrote: »

Accord mortgages disregard bankruptcies that are more than 3 years post discharge. They have good deals for LTV 65% .... (as of last week anyway)

Well thats positive...have to keep fingers crossed and wish away the next month or so.:T

Yorkie1

You might as well see a broker and find out what might be available on the high street. They'll know which lenders to avoid with your particular history.

Lemonsqueezer78

Hollygoheavily wrote: »

Accord mortgages disregard bankruptcies that are more than 3 years post discharge. They have good deals for LTV 65% .... (as of last week anyway)

He won't be at 65% if he asks to borrow a further £20k. £123,000 is ~79% of £155,000.

stuart30

Is there a ball park figure regards brokers fee...obviously will vary from broker to broker and assume the amount of leg work they have to do.

But i wouldnt know if £200 or £1200 is normal/usual.

Again only an assumption but assuming its best to seek advice from a couple of brokers...?

Oringinal mortgage was done with estate agent in house advisor (green as grass first time buyers and swallowed the EA !!!!!!!!e...opps..lol)so all kinda new if that makes sense.