Re-mortgage with bad credit and working for an agency?

choccy999

Hi,

If anyone can shed some light on this I would be v grateful.

My fixed rate of 6.69% with GE Money has now come to an end and I am now on the variable 0f 7.99% - an increase of £120 per month which with an extra p/t job is proving a struggle.

I have a couple of defaults and I am currenlty on a temp contract at work until May 2008.

I was going through the process of a remortgage but it was pulled after the survey as it was then decided that I wasn't a safe candidate, mainly due to my employment status. I'm now trying to get the survey fee back, but not sure if this is possible, does anyone know?

To add more stress to the equation I have a period of 2 wks at Xmas where I don't get paid. I asked the mort provider for a payment hol of 1 month (never missed a mort payment) and they said no and they won't look at reviewing my rate either because of my employment status.

What to do? Does anyone know a way around this at all without paying a shedload of new mortgage set up fees. I'm getting to the point where I'm thinking of selling up and getting rid of the stress. There is equity in my house, but it would be such a shame to let it go and only having 8k in debt it is just the mortgage that is proving too much of a stretch at the moment.

Thanks in advance.

Penny
x

homer_j_3

Selling up could be the right answer if you cannot find a solution to suit your needs.

The issue for the lender is that your employment is not stable, you have proven by your post that you live your life so close to the financial edge that 2 weeks off at xmas means you cannot pay your mortgage comfortably.

If the survey was carried out then I believe the money will be lost but no harm in trying.

Your scenario is where responsible lending and responsible borrowing can be very hard to meet.

There may be lenders out there that can help but I doubt they would be cheap - but without knowing all of the information its difficult to put an accurate solution to your problem.

sarkin

How big is your property? could you take a lodger in.

choccy999

Thanks both.

I am thinking of the lodger option at the moment. I don't want to lose the house, but I don't want to drive myself into the ground either. Looking for a job to cover the weeks over Christmas at the moment.

Cheers.