Advice Needed Please

saintdan

Hi guys,

My current mortgage deal is due to expire at the end of July next year & I want to consolidate my current finances when I take out the new mortgage.

My house is currently worth around £175,000-180,000 & I have a mortgage of £127,000.

I also have a secured loan on the house for £26,000.

Do you think it will be possible for me to get a mortgage for about £150,000 ??

By the time my mortgage deal runs out I would have had the homeowner loan for about 20 months so I'm hoping the settlement fee is no more than the £26000 when I took it out & I will have saved around £3000 by then so the mortgage may be a little less than £150000.

Also all of my credit/store cards etc will be paid off within the next 6 months so I will only be paying my mortgage.

I have an annual income of around £32000 (employed) & my partner has an annual income of around £12000-£14000 (self-employed).

Do you think lenders may be willing to lend me this amount?

Thanks

Dan

MortgagesInc

I don't see any reason why not, particularly if your partner's income is verifiable. The only thing that may cause an issue is if house proces in your area drop back too far, and knock out most of your equity, but I think we're all hoping that doesn't happen!!

herbiesjp

Based on the figures quoted and your two incomes it looks fine.

Do you both have a good credit history?

saintdan

MortgagesInc wrote: »

The only thing that may cause an issue is if house proces in your area drop back too far, and knock out most of your equity, but I think we're all hoping that doesn't happen!!

Yeah, that is one thing I'm hoping doesn't happen. Fingers crossed that if it does happen then its after I sort my mortgage (sorry thats a bit selfish). I have no need or desire to move house so I can live with a lack of equity in the middle of a mortgage deal but lets hope it doesn't happen. That's something we can all do without.

saintdan

herbiesjp wrote: »

Do you both have a good credit history?

Our credit rating / history is strange.

The only missed payment we made on our mortgage was about 3.5 years ago which was not our fault. Once I realised the money got returned to our account I phoned up & paid by debit card (which was about 2 days later). I was told that this shouldnt affect our credit rating but it did and it appeared on our credit report.

Whenever I have tried to get credit cards or loans it has taken me 3 or 4 attempts to get accepted.

I got a credit report about 6 months ago & the main thing that stood out was that I was applying for too many products & having far too many credit searches in my name. I kept applying for credit cards to do balance transfers on.

Anyhow by the time I come to sorting the new mortgage I would have gone about a year without applying for anything so it should make a difference.

Although, like I say I have had trouble with loans and credit cards, I have been able to get mortgages easily in the past.

Jonbvn

If you check on the stoozing forum, you the experts over there will advise you that you should stop stoozing well before you need to remortgage, due to the effect on your credit rating.

Regarding the one "late" payment, can't you get your lender to remove that from your credit file?

herbiesjp

saintdan wrote: »

Our credit rating / history is strange.

The only missed payment we made on our mortgage was about 3.5 years ago which was not our fault. Once I realised the money got returned to our account I phoned up & paid by debit card (which was about 2 days later). I was told that this shouldnt affect our credit rating but it did and it appeared on our credit report.

Whenever I have tried to get credit cards or loans it has taken me 3 or 4 attempts to get accepted.

I got a credit report about 6 months ago & the main thing that stood out was that I was applying for too many products & having far too many credit searches in my name. I kept applying for credit cards to do balance transfers on.

Anyhow by the time I come to sorting the new mortgage I would have gone about a year without applying for anything so it should make a difference.

Although, like I say I have had trouble with loans and credit cards, I have been able to get mortgages easily in the past.

Was the payment made within the same month i.e the payment was not due at the end of the month and it rolled over, albeit by two days, into the next month?

I would challenge them to get it removed - nothing ventured nothing gained - especially as they told you it would not affect your credit rating. Having said that, you should still be fine on the re-mortgage front, as you are also looking to slow down on the stoozing front

saintdan

herbiesjp wrote: »

Was the payment made within the same month i.e the payment was not due at the end of the month and it rolled over, albeit by two days, into the next month?

I would challenge them to get it removed - nothing ventured nothing gained - especially as they told you it would not affect your credit rating. Having said that, you should still be fine on the re-mortgage front, as you are also looking to slow down on the stoozing front

I believe it was made within the same month. To be honest I cannot remember, thinking about it, it was close to 4 years ago now I reckon.

I did challenge them to get it removed (through equifax i think it was) but they declined. My mortgage advisor at the time was very very surprised about this to say the least.

Excuse my ignorance but is stoozing applying for credit cards to transfer balances etc to save cash??

Cheers

Dan

herbiesjp

One missed payment 4 years ago, should not cause too many problems.