Remortgage with poor credit rating

Minty1712

Hi all
Myself and partner have decided to remortgage in order to cosolidate debt but we are worrying we won't get accepted. We currently have a mortgage with Nationwide but since we got that my credit rating has changed significantly. It is currently rated as poor according to Experian and I am currently on a DMP with Step change. Even though this started 5 years aim to one company didn't register a default until 2 years ago which apparently doesn't help
Affordability shouldn't be a problem our broker has calculated once consolidated we should be 800-900 a month better off.
Due to my rating I know we are restricted to lenders and our broker has applied to Kensington we know we have to pay a slightly higher Our new LTV will be 65%
We have submitted everything and our broker said the underwriter has looked at it and all seems ok. We have been informed it has been agreed in principle and the application has now gone in.
Is there anything to worry about How long does the process normally take. We just want to be able to not have to scrape by month to month and we haven't taken this decision lightly but we can't rely on loans and credit cards indefinitely. My partners credit rating is excellent and we have never missed payments on loans or mortgage and my DMP

ACG

Have you thought about a secured loan instead of a Mortgage?

When I have enquiries like this, I always discuss the options but I am very reluctant to take people away from the high street to place with a lender like Kensington etc. You are effectively moving everything to an adverse lender where as you could keep your current mortgage on the high street and just have the extra with a second charge lender.

Overall there may not be a massive difference in the cost and it means that you are not worrying about your credit report or the general mortgage market as a whole in 2 years time...just a thought anyway.

There is a thread on Kensington, it is not overly complimentary although the general consensus is that they do get there in the end.

Lmac1

What rate did Kensington give you?

obay

I shut down a business - started a new business (no accounts)
I increased my borrowing over the last 2 years (by approx £20k).

I got approved at principality