please help remortgage

chris32

hi i am looking to remortgage next june i have bad credit report now due to credit card debt etc very bad,also defaults. remortgaged two years ago and struggled then had to go with gmac, is there any advice from anyone, its going to take 7 years to pay off debt, i want advice on where to go for remortgage, my debt is with debt management company, just worried about not getting mortgage please help

Mr_helpful

chris32 wrote: »

hi i am looking to remortgage next june i have bad credit report now due to credit card debt etc very bad,also defaults. remortgaged two years ago and struggled then had to go with gmac, is there any advice from anyone, its going to take 7 years to pay off debt, i want advice on where to go for remortgage, my debt is with debt management company, just worried about not getting mortgage please help

Assuming you have a prime mortgage at present you best bet is likely to be to renegotiate with existing lender rather than join the sub prime market.

Dylanwing

There are Brokers who specialise in this type of re-mortgage and will be able to advise. I looked at SPML the other week and their criteria have tightened up in the last few weeks - It may be worth checking out their website to see if you are eligible, and if not, how close. Hopefully all of the Sub-Prime hysteria will have died down by next year, and lenders will look at you as an individual in assessing affordability.

MortgagesInc

With just defaults you shouldn't have too many problems remortgaging - you might well not be with GMAC any more, as they tend to sell on their mortgage books, so even if you chose to stay with them they still have to re-underwrite you on their current criteria and rates, so there's no real benefit to that. It could be the same with whoever 'bought' your mortgage - it's all down to their discretion, but they are still probably the best place to start.