Re-mortgaing and nervous!

dcm1105

Hi


I'd like to some advice on re-mortgaging as my wife and I's current 2 yr fixed deal ended with the Halifax at the end of August and we are currently on there standard variable rate.


We have not re-mortgaged straight away as I am expecting some inheritance to come through which is due in the next few weeks and we intend to make a large one off payment (around the £30k mark) to get out LTV down to 60% and hopefully secure one of the better deals out there.


I previously had poor credit when I was a lot younger which included defaults on my credit report which dropped off nearly 4 years ago. Subsequently, I have had the last two years mortgage with the Halifax with no issues whatsoever.


Both me and my wife have checked out credit score and we are around the 400/450 out of 700 mark, I have a personal loan, a small overdraft and a small amount on my credit cards, my wife has a loan for her car and that is it?


We have an appointment to see an independent advisor in a few days who I am sure will be able to help us and find us a good deal but I'm very nervous due to my experiences in the past and having never re-mortgaged before?


Do any experts or people who have been through similar situations have any advice or do they think everything will go through fine and we won't have any issues?


Many Thanks.

ACG

If everything is as historic as you say and you arelooking for 60% LTV I see no reason why the better deals would not be anoption for you.

dcm1105

Thanks for the advice!


And us having outstanding credit and loans won't be an issue?


I was debating using some of my inheritance money to pay off all existing debt before we re-mortgage as I thought that would stand us in better stead?

ACG

Having credit is not an issue as such. It is whether it is all within the realms of being affordable and not maxing it out every month.

If having credit was a problem I think I would be out of a job as 90% of the people I speak to wanting a mortgage have atleast one form of loan or credit card.

dcm1105

Yes I thought that may be the case! Most people nowadays have something.


On my credit report it says I have just over £3000 of my £8000 available in use at the moment. Then I have a £4000 loan which I pay off monthly no problem.


Hopefully that will be fine!?

dcm1105

Sorry - that should read I am using just over £3000 of my available £8000 credit!!

ACG

I dont really have enough information to go off but it does not sound too bad.

Thrugelmir

Use the inheritance to clear your debts first.

getmore4less

Look at retention deals first if something suitable might be just a case of a simple switch.

There are products with good rates that don't have repayment restrictions it may have been better to have looked and switched sooner.