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Remortgage with defaults
Letitgo
Posts: 1 Newbie
Hello
Situation is as follows and would like people's thoughts or advice. We have a mortgage with a normal high street lender. Our current loan to value is about 52%. It's about to come off a fixed rate to svr. We desperately need to extend as 4 of us live in a tiny house and the kids are getting to old to share. The house is in need of some updating as well.
About 6 years ago I entered into a dmp as couldn't afford to pay my credit cards after extended maternity leave. I currently have 4 defaults between that are about 4 years old and I am still paying the debts in the dmp. We also have some 'normal' unsecured debt. Never missed any payments on the mortgage or the normal unsecured debt.
As there is quite a bit of equity in the property we wanted to apply for additional borrowing to do the extension, plus clear the creditors in my dmp and clear the unsecured debt. We would keep the ltv to about 85%.
We haven't approached our current high st lender as didn't think there was any point, other than my husband works for a different arm of the company but not sure they would make any exceptions for staff.
Are there lenders out there that would look to do the above? I just have no idea what to do. We have the money in the property and have never had any issues with the mortgage etc. Thanks in advance
Situation is as follows and would like people's thoughts or advice. We have a mortgage with a normal high street lender. Our current loan to value is about 52%. It's about to come off a fixed rate to svr. We desperately need to extend as 4 of us live in a tiny house and the kids are getting to old to share. The house is in need of some updating as well.
About 6 years ago I entered into a dmp as couldn't afford to pay my credit cards after extended maternity leave. I currently have 4 defaults between that are about 4 years old and I am still paying the debts in the dmp. We also have some 'normal' unsecured debt. Never missed any payments on the mortgage or the normal unsecured debt.
As there is quite a bit of equity in the property we wanted to apply for additional borrowing to do the extension, plus clear the creditors in my dmp and clear the unsecured debt. We would keep the ltv to about 85%.
We haven't approached our current high st lender as didn't think there was any point, other than my husband works for a different arm of the company but not sure they would make any exceptions for staff.
Are there lenders out there that would look to do the above? I just have no idea what to do. We have the money in the property and have never had any issues with the mortgage etc. Thanks in advance
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