Remortgage Advice Required

techra02

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

Westminster

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.

Neutrinno

techra02 wrote: »

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.