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Remortgage Advice Required
techra02
Posts: 24
Forumite
Hi there - would love some advice
I have a 10 year mortgage that is due for completion in December 2016. Due to personal circumstances I reduced the payment to interest only and now have a substantial amount outstanding. I do have significant equity in the house but to complicate things I have been made redundant at the end of August and am not due redundancy due to time with employer.
I can do some contract work to cover the payments but do not have a permanent role for the mortgage application, I did have a CCJ (I wasn't aware of the process) but this has been placed as a charging order on the property. Obviously selling is an option, but at 55 and single I would be unlikely to get a further mortgage.
Not sure what to do. Any suggestions gratefully received.
Techra
I have a 10 year mortgage that is due for completion in December 2016. Due to personal circumstances I reduced the payment to interest only and now have a substantial amount outstanding. I do have significant equity in the house but to complicate things I have been made redundant at the end of August and am not due redundancy due to time with employer.
I can do some contract work to cover the payments but do not have a permanent role for the mortgage application, I did have a CCJ (I wasn't aware of the process) but this has been placed as a charging order on the property. Obviously selling is an option, but at 55 and single I would be unlikely to get a further mortgage.
Not sure what to do. Any suggestions gratefully received.
Techra
0
Comments
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Sounds like you need to get copies of your 3 credit reference agency files and put them in front of an independent mortgage broker.
Fingers crossed you haven't left this too late to keep your home.0 -
Hi there - would love some advice
I have a 10 year mortgage that is due for completion in December 2016. Due to personal circumstances I reduced the payment to interest only and now have a substantial amount outstanding. I do have significant equity in the house but to complicate things I have been made redundant at the end of August and am not due redundancy due to time with employer.
I can do some contract work to cover the payments but do not have a permanent role for the mortgage application, I did have a CCJ (I wasn't aware of the process) but this has been placed as a charging order on the property. Obviously selling is an option, but at 55 and single I would be unlikely to get a further mortgage.
Not sure what to do. Any suggestions gratefully received.
Techra
Get a copy of your current credit report and (if you have one) work contract and speak to a broker asap, particularly an experienced one who can help with contract work and previous credit issue mortgages.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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