Remortgaging with credit card missed payments

Marylou47a

Hello!

So our current mortgage fixed period ends in April 2017 so will be looking to sort a new deal.

My partner has managed to pay his credit card late 4 times in the last 18 months, not due to being unable to pay but as he cancelled the auto payment from one account and didn't set up a new one for ages. Total stupidity mixed with pregnancy stress and new baby. Not an excuse and I'm furious about it as it was so unnecessary.

So, we bought the property for £300k with £200k mortgage but it's likely now worth c. £400k due to crazy London property market.

So, we are with nationwide and can just complete the remortgage online with no new credit checks which I'm happy to do. I was wondering, however, whether we should have a look at what else is out there with the property value increase etc? Or would we not get anywhere due to the missed payments?

Another aspect is we might be getting some cash to decrease the mortgage further but I don't believe we can do that if we just do the online process- I believe we can only do this if we are borrowing the same amount of money.

My credit record is top score and we're upto date on all our mortgage payments.

Any advice gratefully received!

ACG

Keep the payments on time between now and when you remortgage and at that LTV, you should be able to get high street rates. Some of the fussier lenders may decline it so it could be worth speaking a broker but I do not think you will have too many issues.

The other option is to speak to your current lender and see what retention deals thay have.

Marylou47a

Hi acg,

Thanks for the advice. An auto payment has been set up for a few months so that's all fine now.

Another aspect is we now have a baby so outgoings will be going up.

Our combined income is c£73k, monthly take home of £4.6k but will have c.£700 in childcare costs a month. Will this impact?

We had a great broker who got the mortgage for us in the first place so might just go to him for a chat as i just realised I will only just be back from mat leave so my recent payslips will not match salary, hmmmm sounds like it is getting complicated ��

wangdoodle

We were able to switch to a new product online with Nationwide at the end of our fix as we didn't want to go through affordability again for similar reasons (just gone back from maternity, childcare cots etc.). We were able to pay more into the mortgage at this point (although in our case it was only a few thousand).

They took the increased value of our property into account. The current value is calculated using their house price index calculator, which you can look at on their website to get an idea of what figure they will give you. Nationwide also say they reserve their best rates for their existing customers, and we certainly found them to be competitive.

ACG

You should be fine, I would not worry too much. Nothing have you have said sounds too complicated or unusual.