will we get a highstreet mortgage

shep214

Hello everyone,alittle background to our situation we have a mortgage with nationwide which has 12 years left to run with£ 57500 outstanding house has just been valued at £150000 .Between my wife and myself we have credit card debts of £32000 .we both work full time income is around£ 42000.
three years ago we had a short term drop in income,i called our credit card companies to ask them to freeze interest and accept reduced payments for six months they all did but obviously this all shows as missed payments and ar on my credit record.
We are currently going through a remortgage arranged by london&country we were told our only option given our amount of debt and credit history was to go with a subprime lender ,they recomended kensington who have made us mortgage offer based on the figures above.
My question is would we have any chance borrowing with a highstreet lender
look forward to hearing your advice thanks mark

kingstreet

For what reason are you remortgaging?

shep214

hi we are remortgaging to pay off all our unsecured debt,i know it's very rarely advised on here but we know we will have money spare and therefore can save a little to hopefully move home in 2 years time,

kingstreet

There might be the odd high street option, but it's likely to be smaller building societies on obscure high streets and you won't be getting the lowest rates in the market.

Who valued the property?

shep214

property was valued last week by kensingtons appointed surveyor,we understand fully that we won't get the cheapest rates, the reason iam asking the question after getting an offer from kensington is everything seemed to happen alittle too easily,from application too offer only took 10 days,and we thought maybe we had acouple more options than we thought

ShivasPlace

So you are remortgaging for roughly £90k on a property worth £150k - which gives a LTV of 60%

I would have thought that a High Street lender would consider this - although the credit card payments might have been recorded as arrangements to pay (AP) rather than arrears (AR). From what I have read, some lenders see this as bad as a default. Having said that, it might also depend on how long and how deep the account was in areas for.