payment plan finished, want re-mortgage

CraigH79

Hi Guys


I set up a payment arrangement on one of my credit cards, I made 1 payment towards this and then paid the balance in full.


I applied for a re-mortgage to get funds for renovation and to clear off a small amount of debt, everything was going okay until the mortgage folk advised that the payment plan had flagged and they aren't going to proceed with the mortgage (which is fair enough)


the credit card in question has been paid in full, the payment plan cancelled and the account closed with a letter confirming this.


anyone know how long I need to wait until I can re-apply for a re-mortgage as this was the only thing holding it back.


thanks


Craig

[Deleted User]

You can apply at any time. But you'll need to choose the right lender.

Use a decent broker to place your application in the right place.

Candyapple

CraigH79 wrote: »

I set up a payment arrangement on one of my credit cards, I made 1 payment towards this and then paid the balance in full.

Why would you set up a payment plan if only to clear it so soon thereafter?

Sounds like you've got yourself 'arrangement to pay' or AP markers on your files.
https://www.consumeractiongroup.co.uk/forum/showthread.php?450179-AP-markers-on-barlays-mortgage-ruining-my-life.

As to when to reapply, as zx stated, you need to speak to a specialist mortgage broker in credit problems who can place your application with the correct lender.

CraigH79

I agree it was stupid to set up a plan then pay it off within a few weeks of doing so, it was a broker I had used for this mortgage but will look at others. probably better for me to give it a couple of months then look at it again.


thanks guys


Craig

Candyapple

CraigH79 wrote: »

I agree it was stupid to set up a plan then pay it off within a few weeks of doing so, it was a broker I had used for this mortgage but will look at others. probably better for me to give it a couple of months then look at it again.


thanks guys


Craig

Hence why I said you need a broker who specialises in applications for people with adverse credit histories. When you search for one, ask them how many adverse cases they deal with and do they specialise in that area. Don't waste another hard search with a rubbish broker unless you are confident they know what they are doing.

No point in waiting a few months as that's not going to make any difference. You may as well look for a new broker now and see what they advise.

CraigH79

thanks candyapple, will get on the case