Locked into expensive mortgage

Scottish_Guy

Hi,

I've been looking through the forum here for a number of years but this is my first post.
Due to disability I've been off work for around a year and a half, I'm getting universal credit and a portion of PiP (after months of waiting and appeals, apparently it doesn't matter when I slip or fall in the bath/shower, it's only getting in and out that counts 😡), I've had my house for almost 15 years and never missed a mortgage payment, my previous mortgage agreement/deal is up and it's now on a variable rate which is very expensive, I've looked at various comparison sites and I think I could save £150 per month on my mortgage which is a massive amount for me, my problem is I had to default on a small loan and credit card around 6 months ago because I didn't have enough money to keep paying. Now I'm struggling to find a company to offer me a mortgage, I don't want to apply for any more because it'll make my credit rating worse, has anyone had any success getting a mortgage while on benefits? I'm currently single so have no partners earnings to go towards, I've reading up about possibly getting my mum to be a guarantor, has anyone had success doing this?
I realize that everybody's situation is different so what works for 1 person won't always work for another one, just looking for advice to whether it's worthwhile to keep exploring.

Thanks in advance for any help and advice 😀

Let_Us_See

Check if you have the option of a product transfer to a lower rate with existing lender?


Who is your existing lender?

Cscott139

Who are you with now? They may be able to offer you a product transfer which generally requires no further checks and provided you have always paid your mortgage the default will probably have no impact either.

Scottish_Guy

Hi, thanks for the replies,

I'm sure it's Landmark/Nram mortgage, they unfortunately don't accept any new mortgage applications ☹️
That was one of the first things I looked at.

Mortgage_Adviser

What is you annual combined income?
What is the mortgage amount that you are after?
Have the defaults that yoi are mentionning been settled?
What is your current mortgage rate, as with two very recent default you are not likely to geat headline mortgage rates from high street banks?