Mortgage advice multi consolidation loans

rob200375

Hi,

I have 3 ties with my house financially.

the Mortgage with Abbey approx £67K @ paying £519 per month ( has gone up nearly £60 in 18 months), i believe I am on a base rate tracker and the interest rate is 6.75%

I have a secured loan with abbey outstanding £6.5k at 7.79%

I also have another secured loan with ge money paying £116 per month on a £11k loan.

I have spoken to abbey briefly they have a fixed rate of between 6.2 and 6.8% over various lengths,

just looking to see what really would be my best solution. I am looking to get more structured payments and less increases over the next few years.

My credit report isnt great.

Any advise suggestions would be greatly appreciated.

Rob.

Mortgagehero

Hi Rob,

I think in this instance it really would make sense for you to approach a whole of market, fee free adviser who will go through your current situation carefully and calculate what would be the best route for you to take. It would be easy to suggest that you re-mortgage and consolidate, but not without looking closely at all the credit detail.

If you do consider consolidating your debt into your mortgage, remember that the likelyhood is that you will be making interest payments for a much longer term, meaning it could cost you more in the long run.

herbiesjp

Have you got an up to date copy of your credit report?

Why do you say it is not great? What is on there?

rob200375

it is not great, because abbey for nearly a year said I was a month behind each month and and never contact me, which in fact i wasnt it was just because of a clerical error, and this plus a problem with the start date on another loan pushed my credit score down, i checked about 4 months ago the last time.

rob200375

Mortgagehero wrote: »

Hi Rob,

I think in this instance it really would make sense for you to approach a whole of market, fee free adviser who will go through your current situation carefully and calculate what would be the best route for you to take. It would be easy to suggest that you re-mortgage and consolidate, but not without looking closely at all the credit detail.

If you do consider consolidating your debt into your mortgage, remember that the likelyhood is that you will be making interest payments for a much longer term, meaning it could cost you more in the long run.

any idea on any in Exeter or surronding areas.

herbiesjp

Well if this is an error you would need to get it rectified on your credit report immediately. Having what looks like missed payments on your mortgage is not good.

Place a notice of correction on your file, and get then to rectify it - this will harm your chances of getting prime mortgage rates, and so needs to be addressed

rob200375

they removed the "1" markers, at the time, i had no other problems but my score never came back up is this normal