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Remortgage Advice
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Ltrue1
Posts: 6 Forumite
We have had a mortgage for one year but we are on 8.35% interest rate as our credit rating was not good. We have not missed a payment in the year and we have an average credit rating now having paid off our debts but have been told this could stay on credit report for 6 years. We would love to remortgage to reduce our % rate. Ex-council house worth £76,000 we owe £44,000 do we stand any chance?
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Comments
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What could stay on your credit report for 6 years? Who is your lender? Are you on a fixed rate?I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
Our old debts could still be on record for 6 years even if they have been paid off.
Mortgage lender "Together"
Variable Rate - no penalties.0 -
But why would the old debts be an issue if they are paid off?
You would only be with 'Together' if you had defaults, arrears etc.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
I don't know if this would be an issue, that is why I am asking would I stand any chance of remortgaging with a different lender to reduce high % rate.0
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Potentially yes.
You need to get a broker involved to assess your credit report 'as is' and see what options you have.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0
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